派生商品去來의 契約法的 展開 = Contractual developments of Derivatives

다국어 초록 (Multilingual Abstract)

1) In the spot contract, buyers and sellers agree on agreement and delivery at the time. But in the forward or future contract, both determined in another time. There are time-lapse between the dates of agreement and delivery in the latter. This structure naturally expose both buyers and sellers to default risks. As a rule, futures differs from forward in that physical delivery hardly takes place, whereas actual delivery does take place in forward transactions.
2) A future contract is an agreement to buy or sell a specific amount of a commodities at a particular price on a stipulated future trade. But the parties does not negotiate the terms of agreement as these are all standardised. Futures and insurance are all an important tools for risk management. Futures contract is eventually zero-sum game. The loss in one is likely to offset by a gain in the other. But insurance contracts are based on statistics. The other insured in here are helpful to one.
3) Options are also like futures a way of managing and reducing risk. That are more versatile and strategic to the investor. Option purchaser is granted the privilege of buying(call option) or selling(put option) a underlying commodity. If the price fluctuates, he is, as a result, more attractive than the option writer. The buyers pay the seller a fee for granting the privilege. This fee is called the premium. An option may be defined as the right, but not an obligation to buy or sell a particular item. But we must not conclude that option trade is an unequal contract.
4) Even though futures are an zero-sum game, derivatives are harmful to the parties with its complexity, market manipulation and fraud. Moreover many cryptic derivatives in recent are very hard to understand completely. Therefore we need an authority to supervise derivatives market. In Korea, FSS(Financial Supervisory Service) practices this function as CFTC does in the United States. We need other foreign legislatives to cope with these problems. Because experiences in USA, Japan and other countries will be an important test for us.

목차 (Table of Contents)

• Ⅰ. 머리말
• Ⅱ. 派生商品去來의 종류와 기본개념
• Ⅲ. 다른 거래형태와의 차이
• Ⅳ. 파생상품거래의 법적 효력
• Ⅴ. 파생상품거래의 규제 상 문제점
• Ⅵ. 맺음말
• 참고문헌

참고문헌 (Reference)

1 "파생상품의 회계처리에 관한 해석의 평가" 9 (9): 2000

2 "파생금융상품의 도입과 활용" 한국금융연구원 1996

3 "최신외국환거래법" 법경사 1999

4 "증권시장의 이해" 한국증권업협회 2005.3

5 "증권거래법 제3판" 두성사 2005

6 "주가지수옵션투자" 2 : 2000

7 "선물거래실무" 형설출판사 2000

8 "선물·옵션이론 및 실무" 경문사 2002

9 "선물·옵션거래론" 두남 2001

10 "보험·해상법" 형설출판사 2003

11 "농산물가격 위험관리와 밭떼기거래의 개선방안" 41 (41): 2000.12

12 "松岡久和 “商品先物去來と 不法行爲責任 - 債務不履行構成の 再評價-“"

13 "ドイツにおける金融派生商品の計上問題" 2001

14 "“投資事業者の 忠實義務と 專門家責任”" ｢立命館大學 人文社會科學硏究所

15 "Modern Financial Techniques, Derivatives and Law" 2000

16 "Legislative and Structural Developments:Banking Reform for Securities" 2000.8

17 "Legal Principles of Derivatives" 2002.1

18 "Kuempel, Bank und Kapitalrecht" 1995

19 "Islamic Commercial Law -An Analysis of Futures and Options" 2000

20 "Fiduciary Duties under the Commodity Exchange Act" 1992

21 "Creating a flexible fiduciary duty rule for banks entering into proprietary derivatives contracts Annual Review of Banking Law" 1996

22 "Claussen, Bank- und Boersenrecht" 2000