KIKO 마녀사냥에 대한 외국의 시각 (DW)

KIKO에 대한 재판이 일종의 마녀사냥으로 변질되는 것에 대해
해외 시각을 보도한 뉴스의 전문이다(Derivatives week)

KIKO에 대한 재판이 "사정변경"에 대한 손해배상으로 몰아가는 법리해석에 대해
해외에서는 매우 우려스러운 시각으로 바라보고 있다. 심지어 ISDA에서는
"could severely inhibit derivatives activity in Korea"이라는 표현을 써 가면서까지
금융시장과 법적 해석의 괴리감에 대해 심각한 의문을 제기하고 있을 정도이다.

결과적으로 "Small open Economy"인 한국시장에서 외환관련 파생상품을 위축시키는 것은
Openness를 risk에 빠뜨리는 행위임을 너무 망각하는 행위라는 시각이다.



--Daniel Flatt

Court hearings on the controversial knock-in knock-out fx contracts that incensed local corporate users are about to resume in Korea and bankers are pinning their hopes on a fresh panel of judges.
Industry participants are hoping the new panel presiding over the preliminary hearings will be more sympathetic towards the industry than the previous one, which temporarily suspended four such KIKO contracts pending a final verdict.

“It’s a crucial time,” said one Seoul-based lawyer. “It would be the first time [the new panel] has made a decision on KIKO contracts and in that regard a lot of people are very keen to see what decision they come out with.”

The case to be heard in the Seoul Central District Court began when local companies sued banks that sold them KIKO contracts designed to protect them against currency-related losses. The companies tried to get off the hook for the losses, as earlier reported, when the won depreciated rapidly last year. One set of contracts with SC First Bank, a unit of Standard Chartered, was terminated on the grounds the bank failed to properly protect investors (DW Online, 1/9).

Market participants feared the decision was a slippery slope that could bring about case law to justify wriggling out of contracts if economic conditions move against users. More recent court decisions have led a number of banks to seriously question the validity of doing business in Korea if the legal environment is in doubt.

This week the International Swaps and Derivatives Association also expressed its concern at the rulings, noting they “could severely inhibit derivatives activity in Korea.”

So far, decisions have been made in 11 cases, four of which led to preliminary injunctions. One bright spot for the industry, however, was a decision taken by the Incheon District Court on March 10, where judges ruled that a contract between HSBC and car parts manufacturer Kodaco Co. should be upheld.