2012 Spring 1. 1996 5 200 KOSPI200 KSE KRX 15 KRX 1 2. KOSPI200 KOSPI200 ELS (ELW) 3. KSE KOFEX IT 98 5 4. 2009 2 FSCMA 40
1996 5 200 KOSPI200 1 Korea Stock Exchange KSE 15 Korea Exchange Inc KRX 2011 KRX 1 1 KOSPI200 KOSPI200 KRX 2 15 1 2 3 20 8 2011 3 26.8 1 2011 FIA 1 KOSPI200 1990 1 3 100 41
2012 Spring 2 2011 FIA KOSPI200 1996 97 KSE KOSPI200 KOSPI200 2011 84.5 3 3 1999 KOFEX 97 GDP 10.3 2010 81.7 3 645 2,145 1 0.07 OTC 74.6 4 KRX 2011 1 KOSPI200 KTB 3 KOSPI200 5 KRX KOPSI 42
10) 2,500,000 3 2,000,000 1,500,000 1,000,000 500,000 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 BIS Quarterly Review 4 KOFIA 94 97 KOSPI200 3 6 KOSPI200 2005 KOSTAR 2001 KOSPI 2.4 2011 6.8 2 6 KOSPI200 CME 3 KOSPI200 4 KOSPI 2010 8 30 1 7 2 3 4 2007 2011 5 1.1 1.3 KOSPI200 2009 11 16 KRX 6 5 KRX Unified System for Global trading USG CME KOSPI200 KOSPI200 KOSPI The Eurex KOSPI Product KRX 43
2012 Spring 5 KRX 2011 1 2010 1 KRX 6 KOSPI 10 KRW 12000000 10000000 8000000 6000000 4000000 2000000 0 2001 02 03 04 05 06 07 08 09 10 11 KOSPI ( KRX 267 4,167 KOSPI200 7 44
7 KOSPI 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 64.2 KOSPI200 33.2 KOSPI200 31.9 3 8 KOSPI200 KOSPI200 KOPSI200 1 10 7,000 KOSPI200 KRX 2012 3 9 2012 9 KOSPI200 1 50 35,000 KOSPI200 1 8 2011 KRX 45
2012 Spring KOSPI200 5 Equity-Linked Securities ELS KRX Equity-Linked Warrants ELW Equity-Linked Funds ELF KOSPI Equity-Linked Deposits ELD 6 2003 4 2004 5 5,950 2011 34 9,900 ELS OTC ELS 300 21 3 2005 12 KRX ELW ELW 1 2006 1,860 2010 1 6,370 53.5LP 43.3 1.5 7 ELW LP ELW IT 5 6 7 300 21 1 Regulation tightening squeezes ELW sellers, Korean Times, 2011 6 20 46
KSE KOFEX KRX 9 KOSPI200 KOSPI200 KSE Korea Futures Exchange KOFEX 2005 1 KSE KOFEX KOSDAQ 8 2009 2 KRX KOSPI200 1996 KSE 9 KSE KOSPI200 KOSPI200 KOFEX KTB KOSDAQ KTB Koscom( OMX KOSPI KRX KOADAQ ELW Koscom KRX 8 2004 1 KSE KOFEX 47
2012 Spring 9 1999 KOFEX KSE KOFEX KSE 2004 KSE KOSCOM KOFEX OMX 2007 8 2009 3 KRX KOSPI KOSDAQ 3 EXTURE EXTURE KRX IT IT HTS 1 95 2009 6 KOSPI200 KOSPI200 KOSPI200 KOSPI200 1998 5 9 1995 12 Futures Trading Act 2003 12 31 KSE 48
ELW 2011 5 ELW CEO CEO 12 scalperselw 2009 ELW 1,040 LP KRX 5,190 10 FSCFSS ELW 2 7,800 400 500 28 35 ELW ELW FSC 2 10 ELW 2009 10 300 200 100 0 100 200 300 400 179 104 59 18 500 600 519 FSS 49
2012 Spring ELW ELW 1 1,500 105 10 2 2010 11 1 ELW 2011 7 1 ELW ELW 400 500 ELW 70 80 1,500 ELW OTM 11 ELW KRX 2011 7 1 OTM ELW 85 ELW ELW ELW ELW FSC ELW LP ELW ELW 2011 7 10 500 1,500 11 ELW ELW 50
2012 3 12 LP LP LP / 8 15 8 LP 2010 1 6,370 1 ELW 2012 1 3 7,110 2009 8,520 ELW KOSPI200 2009 2 6 KOSPI200 1 FIA 2011 KOSPI200 1 10 50 2011 KOSPI200 5 1 7 3,433 KOSPI200 51
2012 Spring KRX KRX 9 9,063 KRX 1 10 1 2012 2011 12 23 2012 2 12 17 5 2011 12 12 1 10 13 2011 14 12 Strict hedge fund rules in Korea hinder market growth, Risk.net, 2012 3 29 13 2011 8 3 2012 4 18 14 2011 52