허수성 호가에 대한 시세조종과 교란행위 규제의 평가

Spoofing plays important role in either criminal manipulation or market abuse in the capital market. 'Spoofing' or 'fictitious quote' in the securities or derivatives markets means the quote which a trader places an order and quickly cancels it, which was never intended to be executed in the market. So, spoofing can causes prices to move up or down, because it changes the appearance of supply or demand for the securities in the market. Any trade in capital market must be based on genuine orders which are to be executed only according to the market rule. With the flourish of algorithms and high frequency trading systems, spoofing has become the main problem for disrupting the integrity and stability of the market. Finally, in the US, the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act(hereinafter referred to as 'Dodd-Frank Act') outlawed spoofing on derivatives markets. Likewise the Dodd-Frank Act, EU Directives also prohibit the spoofing activities. In Japan, spoofing is dealt with as manipulation, and punished by either criminal sanction or monetary penalty. In Korea, spoofing is regulated with dual system, one is by a kind of manipulation, the other is by market abuse. But such dual system causes some difficulties in regulating the spoofing efficiently. First, the definition of spoofing in Korea is a little bit different from the U.S. Dodd-Frank Act, which focused on 'intent to cancel the order', while the legal concept of the Korean spoofing is consist of 'possibility of execution' and 'frequent cancelation of order'. And, the scope of spoofing in the manipulation and market abuse is not same. Different type of sanction can be imposed on the substantially same spoofing activities. So, current regulatory system over spoofing needs some improvements, in order to enhance the market integrity and regulatory efficiency in securities and derivatives market.