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> 한국금융법학회 > 금융법연구 > 11권 1호

금융투자상품 장외거래 CCP에 관한 법적 연구

Study on CCP for OTC Trading of Financial Instruments

정승화 ( Seung Hwa Chung )

- 발행기관 : 한국금융법학회

- 발행년도 : 2014

- 간행물 : 금융법연구, 11권 1호

- 페이지 : pp.55-96 ( 총 42 페이지 )


학술발표대회집, 워크숍 자료집 중 1,2 페이지 논문은 ‘요약’만 제공되는 경우가 있으니,

구매 전에 간행물명, 페이지 수 확인 부탁 드립니다.

11,700
논문제목
초록(외국어)
Clearing refers to the commitment to payment of the transaction and matching of all buy and sell orders in the market. Central counterparty (CCP) imposes itself as a legal counterparty of clearing members through legal processes such as assumption of obligation, novation, and open offer. In 2009 G-20 Pittsburgh summit, investigating on the causes of the global financial crisis, the clearing through CCP became obligatory. When over-the-counter derivatives (OTC) with such obligation do not use CCP, OTC derivatives cannot benefit from risk-weighting regarding capital regulation. In US, England, and Japan, CCP services are extending to OTCs such as Repo transactions, outside dealing, and securities lending and borrowing. In Korea, revised the Capital Market Act in March 2013 brought a legal basis upon which to use CCP in OTC derivatives and OTC securities trading. The amendment obliges IRS transaction to use CCP. With such changes, further refinements in legal rules to facilitate CCP service are necessary. Reinforcing the risk management of CCP is also needed. First, it is important to gather opinions of CCP users then extend the CCP service in order to facilitate CCP. For transactions made with CCP, benefits should be imposed in terms of capital regulation. Moreover, further complementary measures should be taken for novation and open offer. Considering the possibility of default of CCP itself, refinement of insolvency act is required as well. Meanwhile, having legislative support to gain legal stability of transfer for money is critical for the margin system which is the core of risk management of CCP. Then, proper model and procedure should be constructed to consolidate credit risk, market risk, and liquidity risk of CCP so as to reinforce the risk management of CCP. Such changes will enhance transparency, stability, and efficiency of financial markets in Korea.

논문정보
  • - 주제 : 사회과학분야 > 법학
  • - 발행기관 : 한국금융법학회
  • - 간행물 : 금융법연구, 11권 1호
  • - 발행년도 : 2014
  • - 페이지 : pp.55-96 ( 총 42 페이지 )
  • - UCI(KEPA) : I410-ECN-0102-2015-300-000456393
저널정보
  • - 주제 : 사회과학분야 > 법학
  • - 성격 : 학술지
  • - 간기 : 연3회
  • - 국내 등재 : KCI 등재
  • - 해외 등재 : -
  • - ISSN : 1738-3706
  • - 수록범위 : 2004–2020
  • - 수록 논문수 : 355