HFT 등 알고리즘거래에 대한 각국의 규제동향과 해결과제에 관한 비교법적 고찰

It is true that the reality of algorithmic transactions such as HFT, whose presence has greatly increased mainly in the capital markets of major developed countries, is still unclear. However, it is not appropriate to hesitate to use the HFT method because it is likely that the algorithm is unfair. If the controversy over the unfairness surrounding the transaction using these algorithms is not stopped in the future, it will hinder the development of the capital market. Therefore, it is necessary for the development of the Korean capital market to resolve these doubts and seek solutions. In order to realize a sound market where various investors can participate safely by enhancing the transparency of market transactions, it is necessary to overcome such disbelief. In this article, we have considered the direction of regulation improvement necessary for establishing a trustworthy market for investors. In Korea, regulations have been strengthened, for example, by introducing a system to prevent misunderstandings. However, there is still no effective control related to HFT, and studies related to HFT are not enough. Due to the improvement of the IT infrastructure, the trading environment using HFT is being created, and the regulation level of HFT is lower than the US and Europe. Therefore, considering the fact that the proportion of HFT is increasing, research on HFT needs to be done more actively. In the United States, Europe, etc., there is an empirical study related to the regulation of HFT. Since there were some empirical studies related to HFT, the system could be improved and the justification for improvement was secured. Regarding the regulatory situation of major countries related to HFT, there is no movement to control high-speed transactions focused on high frequencies anywhere, and it seems common sense that regulation direction against the current trend of speeding up is not desirable. The common content of the regulations of each country is to improve the registration system as a regulation for HFT supplier and to improve the reporting system of transaction information. The attitude that financial authorities should take with regard to HFT is to focus on strengthening or supplementing related regulations with the recognition that it solves the problem that the market is facing rather than approaching to eliminate the evil existence that might harm the market.