장외파생상품 청산소에 관한 연구

The purpose of this paper is to understand over-the-counter derivatives(OTC derivatives）central clearing counterparty(CCP).　The　OTC derivatives　means the derivatives that are traded directly between counterparties without the infrastructure of an exchange.　OTC derivatives are individually and privately negotiated by the contractual counterparties. As a result of the overall size of the OTC derivatives, large exposures to OTC derivatives can create substantial system risk. Because of this potential for systemic risk, some have argued that OTC derivatives should be cleared through CCP. The CCP becomes the seller to every buyer on the exchange and the buyer to every seller on the exchange through to it of all transactions that are dealt on the exchange. Perhaps the most important benefit of CCP is the reduction in systemic risk achieved through the mutualization of losses among all clearing members. A year after the global financial catastrophe, at the G20 Pittsburgh Summit in November 2009, the leaders made a strong commitment to the regulatory reform of OTC derivatives. They declared that OTC derivatives that can be standardized should be traded on the electronic trading system or on exchange markets, cleared through CCP. Korea also amended the Financial Investment Services and Capital Market Act in March 2013, which authorizes the Korea Exchange as a legitimate CCP for the clearing of OTC derivatives. Most of the systemic advantages of a central clearing counterparty require standardized contracts. Korea Exchange will make thorough preparations for the implementation of mandatory clearing of OTC derivatives such as Korean won interest rate swap, which is scheduled to commence in June 30th, 2014.