장외신용파생상품에 대한 미국의 규제 동향과 시사점

With the increase of financial and commercial transactions, various methods to manage risks related to the transactions through privately negotiated agreements between two counterparties over the counter have been developed. Recent years, the use of credit derivatives contract, one of the swap agreements, has grown very rapidly. Korea allowed securities company to handle ?TC financial derivatives?contract in 2005. The purpose of this study is to suggest policy guidance to Korean regulatory regimes through analysis of regulations and enforcement efforts on the credit derivative, especially Credit Default Swap and Total Return Swap, agreements which are the most popular OTC derivatives in the United States. Regulations of Securities and Exchange Commission and Commodity Futures Trading Commission have been analyzed. Standard agreement forms used by International Swaps and Derivatives Association, Inc. which makes a leading efforts to reduce uncertainty and risks related to OTC derivatives and swaps by standardization and customization of swap transaction have been reviewed. Judicial rulings of the United States Federal Courts on the legal issues arising from swap agreement have been analyzed. Learning from the analysis of the courts?ruling is that parties may be uncertain which regulatory regime a judge will apply to their swap or credit derivatives contract. At the end, Korean regulatory systems on the OTC derivatives was reviewed to compare them with that of the United States and to suggested policy issues to the development of Korean derivatives market.