株價指數先物導入의 問題點과 發展方向

Abstract

The world financial market is becoming globalized. This means the possibility of financial innovation as well as the elevation of uncertainty. Owing to this drastic change in the financial environment, the problem of crisk management has become an object of new attention and recognition of its importance has come to a fore. The hedge issue as to the risk of exchange fluctuations has freshly come to a frount due to the collapse of the Bretton woods regime in the 1970, Since the initiation of the currency futures transaction for the first time in 1972, previously unexperienced change, have taken place, such as interest rate futures transaction in 1975 and stock-index futures transaction and so forth. New products such as diff futures, index warrant, portfolio insurance(PI), and so on have recently been emerging, including derived products taking a second form of options on all kinds of futures products. This means that the importance of crisks management has greater weight now than any other time, and that invester's requirements are diversified, Encouraged by market expansion on product diversification, these products originally developed as a crisks-avoiding' means are vigorously used as a means for earning profits. Accordingly, in Korea's security market needs for new stock-related product development are gradually increasing for purpose of product diversification, provision of investment opportunity, and the meeting of new investment demand so that the stock market in Korea may strengthen its constitution and secure international competitiveness. And the significance of risk management is gradually becoming larger with the increase in operating assets of diversified individuals and institutional investers. Thus, the efficient plan for the systematic management of unavoidable risk with the composition of portfolios is required. Accordingly, increased attention to the drastical hedge plan is greatly paid for the risk deriving from drastic rise and drop in stock prices and transactional fluctuations of a wide breadth, and great attention is given to stock- index futures transaction in accordance with the opening of the stock market. Stock-index futures transaction resolves the increase in risk factors such as the trends of overseas politics and rate fluctuations in keeping with the increasing trend of the role of the stock market and the immensity of stok operating capital as a means of raising and operating funds in a drastically changing stock market. And its role is increasing in accordance with the need for the everyday sale system with the internationalization of the financial market. This study, therefore, is intended to alleviate trial and error anticipated in implementing stock-index futures transaction by examining the requirements of prior settlement and the transactional system suited to our actual situation as stock-index futures transaction and by researching its expect problem based on this necessity and its role, and to increase the function and effect of futures transaction.