자본시장법상 연계시세조종 행위에 대한 규제 : 판례를 중심으로

The growth of derivative markets in Korea is prominent. A KOSPI200 option, typical derivative security in Korea marked the first rank in the trading volume over the world. On the other hand, manipulation in the market, which hinders the accurate price discovery and efficient allocation of resources, become more complex and smarter. Especially, the cross-market manipulation that manipulator earns the unfair profit from a certain security by manipulating another security linked to the security become a social issue. The Financial Investment Services and Capital Markets Act enforced from Feb. 4, 2009 first included the provision for regulation on the cross-market manipulations. However, this provision has been rarely applied into the real cases. This paper considers what is the cause of this gap between the provision in law and the actual application and how to narrow this gap. For these purposes, our paper deals three aspects about the issue. First, the types of the cross-market manipulations regulated in the Financial Investment Services and Capital Markets Act are classified and explained. The probability that each type occurs in the market is also discussed in the view of liquidity of security. Second, we introduce four cases to analyze how this provision can be applied in the suit. The first case is about the option contract. The second and third are civil suits about the equity-linked security(ELS). The fourth is criminal suit on the KOSPI200 option and stocks included in the KOSPI200 index. Finally,this paper presents the problems that maybe occur when regulating the cross-market manipulations by applying the provision in the Financial Investment Services and Capital Markets Act and tries to suggest an improvement direction for these.