상품선물 시세조종에 대한 규제 - 현ㆍ선 연계 시세조종을 중심으로 -
- 상품선물 시세조종에 대한 규제 - 현ㆍ선 연계 시세조종을 중심으로 -
- Other Titles
- A Study on the Regulation of Market Price Manipulation in Commodity Futures Trading
- 장내파생상품; 상품선물; 시세조종; 현; 선 연계; 자본시장법; 매점; 국부적인 매점; 인위적인 가격; Exchange-traded Derivatives; Commodity Futures; Manipulation; Capital Market Act; Corner; Squeeze; Artificial Price; Price Artificiality
- Issue Date
- 한양법학, no.29, pp.411 - 433
- The purpose of the regulation of unfair attitudes at an exchange is to guarantee free and equal competition. A representative one among these unfair attitudes is market price manipulation. The existence of market price manipulation is largely a factual question involving determinations whether the requisite domination or monopoly exists, whether an artificial price is caused by the exercise of that power, and whether the dominant party specifically intended to bring about that artificial price.
Market price manipulation is nothing but the exercise of monopoly power to dictate prices that would be unachievable in a truly competitive environment. The phrase “market price manipulation in commodity futures trading” means the elimination of effective price competition in a market for cash commodities or futures contracts through the domination of either supply or demand. The price manipulation of commodity futures is generally brought out in connection with cash commodities, that is, the underlying assets.
The Capital Market and Financial Investment Service Act(so called “the Capital Market Act”) provides that no one shall commit any attitudes causing fluctuation of or fixing the market price of underlying assets of certain exchange-traded derivatives with the purpose to earn unjust profits from trading such exchange-traded derivatives[Article 176 (4) 1.]. And if anyone violate this provision, criminal or civil sanction shall be imposed to her or him[Article 443 (1) 7 and Article 177].
In this study, the requirements of the price manipulation of commodity futures will be mainly reviewed. Firstly, this study examines closely the meaning of the purpose to earn unjust profits. Secondly, the ability to influence market prices, the intent to do so, and the accomplishment of artificial price will be analyzed. Finally, this study deals with some legal theories relating to cause and result, and damage.
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