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박진순 한국금융법학회 2011 金融法硏究 Vol.8 No.1
The value of Korean Won against U.S. Dollars had been increasing stably in a consistent manner until the end of 2007. The value of Korean Won, however, started to plummet suddenly in 2008 as the global financial crisis occurred as a result of the sub-prime mortgage problem in the U.S. and other factors. Such dramatic change in the value of Korean Won triggered a sharp rise in disputes involving over-the-counter derivatives products. The KIKO litigation is a major example of such disputes. Disputes involving KIKO products began in 2008 as the Fair Trade Commission conducted its regulatory review of the contracts used for KIKO transactions. Subsequently, the disputes went through a dispute mediation process at the Financial Services Commission and even prompted the Financial Supervisory Service to audit the banks that had sold the KIKO products. The KIKO controversy was also the subject of inspection by the National Assembly during its annual audit of the executive branch of the government. Civil lawsuits, including preliminary injunction and main civil claim cases, began to appear in late 2008. After two years of intensive review, courts have ruled on 200 or so civil cases at trial level. The trial rulings covered unprecedented in-depth analyses of issues relevant to derivatives products and financial engineering. This paper summarizes the judicial view of main issues of the KIKO litigation as reflected in the trial rulings and discusses its implication. Specifically, this paper focuses on the following main issues of the trial rulings: (1) whether KIKO products are structurally fair (Chapter II); (2) whether KIKO products are suitable for foreign exchange hedging (Chapter III); (3) what zero cost means (Chapter IV); (4) whether the amount of margins earned by banks under KIKO contracts is appropriate (Chapter V); (5) whether it is permissible to terminate KIKO contracts based on the change-in-circumstances theory (Chapter VI); and (6) whether KIKO contracts constitute "standard terms and conditions" (Chapter VII). It is understood that the courts have made correct decisions in the KIKO civil lawsuits by poignantly recognizing problems with numerous arguments made by plaintiff companies which are inconsistent with basic principles underpinning the financial market, derivatives products and hedging systems. The fundamental cause of the KIKO controversy was the abrupt rise in the foreign exchange rate, which no one had foreseen or could control. Thus, it is undesirable to transfer the consequence of or responsibility for the rise in the foreign exchange rate to banks through litigation. The challenge being faced should be resolved through providing credit support to small to medium-sized companies as a matter of national concern or mitigating negative side effects of the government goal of maintaining a high foreign exchange rate for Korean Won from a financial or industrial policy perspective.
박진순,고철환 한국해양과학기술원 2012 Ocean science journal Vol.47 No.2
A study was performed to better understand the taxonomy and diversity of the diatom genus Amphora (Bacillariophyceae) from Korean coastal environments. Samples were taken from six locations at Saemangeum tidal flats on the west coast of Korea. Light microscopic (LM) and scanning electron microscopic (SEM) observations revealed a total of 23 Amphora species. Thirteen were identified to the species level, and ten to the genus level. Three Amphora species viz. A. arenicola, A. beaufortiana and A. maletractata var. constricta were recorded for the first time in Korea. All the Amphora species were listed and presented with morphological descriptions, dimensional information and photographic information.
박진순,이진환,김종성 한국해양과학기술원 2016 Ocean science journal Vol.51 No.4
While there have been many reports of the species ‘Berkeleya scopulorum’ from Northeast Asia mainly as Navicula scopulorum, the observation of the living specimen of the species has revealed that the species should be the member of the genus Climaconeis. Here we describe the species as Climaconeis mabikii sp. nov. based on microscopic observations by means of both light (LM) and scanning electron microscope (SEM). As part of the review, the regional distribution of C. mabikii as well as the worldwide biogeography of the taxa belonging to the genus Climaconeis are discussed. Newly described C. mabikii from the present study is the seventeenth member of the genus. The discovery of the true identity of the diatom identified for a long time as ‘Berkeleya scopulorum’ and its description as a new Climaconeis species contributes to the proper appreciation of the diversity of the Northeast Asian diatom assemblage and fills old gaps in the published records.