자본시장법상 파생상품 시세조종행위의 ‘목적’ 요건에 관한 고찰

In securities market, the issuing market where companies raise funds depends on the efficiency and fairness of the circulation market. If liquidity is not secured in the circulation market, investors would not be flowed in and enterprises can not raise funds through the issuing market. And, if the price of securities is manipulated, the circulation market loses investor's trust and the issuing market will be difficult to raise funds from investors. On the other hand, the derivatives market executes functions to discover prices for various market participants who trade products in the spot market, and to hedge the risk of price fluctuation of assets that they possess. Without reflecting supply and demand, artificially formed prices will hinder the derivatives market from carrying out its basic functions. The difference between the market functions and the trading structures of these securities and derivatives is reflected in the regulation of market manipulation. And this difference has been reflected on the legislation and interpretation in the United States, Japan and South Korea. Even if the Korean derivatives market is large in size and real products are few, and adopting the cash settlement with settlement method, the possibility of market manipulation always opens, based on influence on derivatives market including coner and squeeze. Therefore, to regulate derivatives manipulation taking unfair profits, it is desirable to exclude "purpose" in the requirements. In this study, the purpose requirement of regulation of derivatives danipulation will be reviewd. Firstly, this study analyzes the market functions and the trading structures of securities and derivatives. Secondly, the legislation and interpretation of Purpose Requirement of Regulation of Derivatives Manipulation in United States, Japan and South Korea will be examined. And finally, the opinions for enhancing the effectiveness of derivatives manipulation will be presented.