다자간매매체결회사(ATS)의 규제와 그 개선방안에 관한 소고

Under the Financial Investment Services and Capital Markets Act (“Act”), “Alternative Trading System (ATS)” is defined as an investment trader or investment broker engaging in the trade of stocks listed on a securities market or depositary receipts via brokerage, mediation or agent service therefor simultaneously with multiple number of persons as parties to the trade or as respective parties. The ground for establishing ATS was introduced in the Act in 2013 for the purpose of developing infrastructure in the capital market and facilitating fair competition in the secondary market. Korea ECN which was established in 2001 referring to the US ECN system had been operated for the trade of listed stocks after market closing. However, it was resolved due to cumulative deficit in May 2005. In the meanwhile, The Act and the Presidential Decree of the Act were amended to allow the establishment of ATS and multiple exchanges in August 2013. Also, the Presidential Decree of the Act was amended to relax the regulation on the liquidity of ATS in June 2016. However, ATS has not been established in Korea until now, even though it has been a decade since ATS system was introduced. In the mean while, the capital market industry has been working on establishing ATS. In this regards, I would like to explore the domestic regulations related to ATS and then discuss the challenges and recommendations for domestic ATS system by reviewing the overseas ATS system in terms of regulations and the status of market and comparison between domestic and overseas ATS system. I hope that my research and evaluation on ATS system in this paper can contribute to the improvement of the regulatory system for the ATS in the process of being established.