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주제별 논단 : 키코 제2라운드 ; KIKO 1심 판결의 내용 및 분석
박진순 ( Gene Soon Park ) 한국금융법학회 2011 金融法硏究 Vol.8 No.1
The value of Korean Won against U.S. Dollars had been increasing stably in a consistent manner until the end of 2007. The value of Korean Won, however, started to plummet suddenly in 2008 as the global financial crisis occurred as a result of the sub-prime mortgage problem in the U.S. and other factors. Such dramatic change in the value of Korean Won triggered a sharp rise in disputes involving over-the-counter derivatives products. The KIKO litigation is a major example of such disputes. Disputes involving KIKO products began in 2008 as the Fair Trade Commission conducted its regulatory review of the contracts used for KIKO transactions. Subsequently, the disputes went through a dispute mediation process at the Financial Services Commission and even prompted the Financial Supervisory Service to audit the banks that had sold the KIKO products. The KIKO controversy was also the subject of inspection by the National Assembly during its annual audit of the executive branch of the government. Civil lawsuits, including preliminary injunction and main civil claim cases, began to appear in late 2008. After two years of intensive review, courts have ruled on 200 or so civil cases at trial level. The trial rulings covered unprecedented in-depth analyses of issues relevant to derivatives products and financial engineering. This paper summarizes the judicial view of main issues of the KIKO litigation as reflected in the trial rulings and discusses its implication. Specifically, this paper focuses on the following main issues of the trial rulings: (1) whether KIKO products are structurally fair (Chapter II); (2) whether KIKO products are suitable for foreign exchange hedging (Chapter III); (3) what zero cost means (Chapter IV); (4) whether the amount of margins earned by banks under KIKO contracts is appropriate (Chapter V); (5) whether it is permissible to terminate KIKO contracts based on the change-in-circumstances theory (Chapter VI); and (6) whether KIKO contracts constitute "standard terms and conditions" (Chapter VII). It is understood that the courts have made correct decisions in the KIKO civil lawsuits by poignantly recognizing problems with numerous arguments made by plaintiff companies which are inconsistent with basic principles underpinning the financial market, derivatives products and hedging systems. The fundamental cause of the KIKO controversy was the abrupt rise in the foreign exchange rate, which no one had foreseen or could control. Thus, it is undesirable to transfer the consequence of or responsibility for the rise in the foreign exchange rate to banks through litigation. The challenge being faced should be resolved through providing credit support to small to medium-sized companies as a matter of national concern or mitigating negative side effects of the government goal of maintaining a high foreign exchange rate for Korean Won from a financial or industrial policy perspective.
박진순(Park Jin Soon) 순천향대학교 이순신연구소 2016 이순신연구논총 Vol.- No.26
본고는 명량해역에서 조류에너지 실용화 연구를 위한 연구의 일환으로 조사되었던 해양특성자료를 분석, 정리하여 울돌목 해역의 지형, 조석 및 조류 특성을 파악하였고, 이를 토대로 명량해전 당시의 조석, 조류를 예보하여 명량해전 당시의 상황을 재구성하였다. 울돌목 해역의 복잡한 해저 지형과 퇴적층이 발달하지 않는 원인은 1) 지리적 특성, 2) 퇴적물 공급원 부재, 3) 퇴적역학적으로 해류속도와 퇴적물 입도 크기의 상관관계에 따른 침식작용, 4) 오랜 기간 동안 빠른 유속의 수괴와 해저암반과의 마찰작용으로 인해 계속적인 침식이 발생하여 해저 기반암이 해저면 위로 노출된 것으로 보인다. 명량수도 양단의 약 1시간 40분 정도 조시차로 인하여 명량수도 양단에서 대조 시 해수면 높이 차이가 약 0.9m 정도가 나타나고 이로 인하여 울돌목 협수로에서 강한 유속이 나타나는 것으로 조사되었다. 명량해전 당시의 상황을 재구성한 결과, 이순신 장군은 울돌목의 조류의 세기와 주기를 예상하고, 우수영 앞바다에서 전투를 시작하여 최대한 일본군의 서해진입을 차단한 후 썰물 때 총공격을 감행하여 적군을 격퇴한 것을 추정할 수 있었다. In this study, we have identified the characteristics of the submarine topography, tide and tidal current in the Uldolmok by observing the data obtained from the study of the development of utilization technique for tidal current energy. Based on this, the tide and tidal current were predicted, and the situation of the Myeongnyang naval battle was reconstructed. The reason why there are complicated undersea features and no sediments in the Uldolmok area is 1) geographical characteristics, 2) absence of the sediment source, 3) erosion due to sedimentation mechanically correlated with the velocity of the current and sediment particle size and 4) exposure of submarine bedrock due to erosion at high velocity for long periods. A tidal phase difference of about 1 hour and 40 minutes occurs on the Myeongnyang channel, which causes the sea level difference of about 0.9m at both ends of the channel. Therefore, a strong tidal current was appeared in the Uldolmok. As a result of reconstructing the situation of Myeongnyang naval battle, we can be estimated that the Admiral Yi Sun-sin would anticipate the intensity and cycle of Uldolmok’s tidal current and cut off the entrance of the Japanese army.