거래소의 영리추구화에 따른 규제쟁점과 규제방향

Recently, Korean government enrolled Korea Exchange(KRX) into the public agency. As the result, there are a lot of discussions and opposite viewpoint about regulatory authority’s role and its regulation scope on the exchange industry. Under global competition environment, it is global trend in regulation system to introduce exchange’s demutualization and profit-seeking model. In this study, I performed case study on major countries’ regulation transition of exchange and to survey the regulatory issues. Based on the case study, I drive some implications for desirable direction of regulations on KRX. Also, I show recent regulation issues about KRX. The regulatory issues are raised from conflicts of interest between the exchange's commercial activity and its regulatory responsibilities. To solve the related problems, the regulation should be changed to enhance surveillance authority’s oversight for self listing, and to establish governance arrangements and to independent for self-regulation function. Korean government already made legal foundation to prepare KRX’s demutualization. But there are some conflicting arguments about initial public offering(IPO) of KRX. To solve the problem related to IPO, we need to understand environment changes in exchange such as profit-seeking, and global standard in regulation system of exchange. On the other hand, surveillance authority should make clear approval guide line of new complicated regulations for timely response to KRX’s new business.