증권대차거래의 투자자보호 및 위험관리에 관한 고찰

Securities lending and borrowing is widely used these days with arbitrage trading, hedge funds, growth in finance markets using securities, and derivatives markets. The transaction is growing constantly since its introduction in Korea in 1996. However, international bodies such as Financial Stability Board (FSB) and CPSS-IOSCO required strict capital safety and soundness standard and reinforcement in managing risk for securities lending and borrowing in financial institutions since 2008 financial crisis, which brought attention to safety of securities lending and borrowing in every country. Securities lending and borrowing and Reops being representative of shadow banking, eleven final recommendation drafts was submitted for reinforcement in transparency and safety of shadow banking. However, securities lending and borrowing is indispensable for growth in liquidity and diverse financial transaction management and investment such as hedge trading and leveraged investment. Therefore, systematic management, improved safety, and transparent management for securities lending and borrowing are needed. Reinforcement in management and monitoring for securities lending and borrowing, modification for regulation system, introduction of automatic securities lending and borrowing are necessary as well as positive consideration over introducing CCP for securities lending and borrowing for safety reinforcement. Moreover, restriction and management of collateral for securities lending and borrowing needs to be operated conservatively in case of financial crisis.