고빈도 알고리즘 매매에 의한 시세조종 규제에 관한 고찰 - 최근 규제 사례 분석과 현행 규제 검토를 중심으로

As high-frequency algorithmic trading methods become more prevalent, concerns are growing regarding the potential for unfair practices, particularly market manipulation. This article examines the operations of high-frequency algorithms alongside recent regulatory cases and evaluates the application of current regulations under the Financial Investment Services and Capital Markets Act (FSCMA). To enhance market stability, it is crucial to upgrade existing regulations. Currently, the requirement for traders to register in advance for high-frequency and algorithmic trading is managed through self-regulation under the Exchange Business Regulations of the KRX. This requirement should be integrated into the FSCMA to strengthen indirect regulatory effects against unfair securities trading. The FSCMA employs a three-tier regulatory framework to address market manipulation in high-frequency algorithmic trading, comprising the market manipulation rule (Article 176), the unfair trading rule (Article 178), and the market abuse rule (Article 178-2(2)). While these rules broadly define prohibited actions, they do not specify particular behaviors. Any action that artificially manipulates market supply and demand to disrupt fair price formation is subject to regulation, ensuring coverage of new forms of market manipulation that may arise from high-frequency trading. This regulatory approach is generally sufficient to address these emerging challenges. However, in applying the constituent elements of each offense, particularly in the context of high-frequency algorithmic trading, it is necessary to refine the normative criteria of "intent to induce trading" for market manipulation (Article 176) and "unfairness" for fraudulent transactions (Article 178). Furthermore, the regulatory framework, including its relationship with market disruption (Article 178-2(2)), should be revised.