자본시장법상 다자간매매체결회사의 도입 및관련 제도의 변화

초록

Under the current Financial Investment Services and Capital Markets Act (the “Capital Markets Act”), Korean investors have no choice but to execute transactions through the Korea Exchange (the “KRX”) because of its monopoly over equity trading. The amendments to the Capital Markets Act proclaimed on May 28, 2013 (the “2013 amendments”), however, newly introduced the Alternative Trading System (“ATS”) in the name of “Multilateral Trading Company.” The Multilateral Trading Company will bring many positive changes to the domestic financial markets. Most of all, the Multilateral Trading Company will allow investors to select a trading market among different venues and see which market offers the best services. This Article examined the key contents of the provisions regulating the Multilateral Trading Company and the related changes under the Capital Markets Act. With the introduction of the Multilateral Trading Company, a few related rules under the Capital Markets Act changed accordingly. First, the 2013 amendments redefined the concept of the market by using the new term “Financial Investment Instruments Market,” which includes not only the exchange market but also the Multilateral Trading Company market. Second, with the introduction of the Multilateral Trading Company, anyone who meets the certain requirements under the Capital Markets Act is able to establish an exchange just by permission, which opened the era of multiple trading venues and put an end to the 57-year old monopoly of the KRX. Finally, the 2013 amendments introduced the new “best execution” principle to facilitate competition among markets. This principle compares trading conditions of different markets and then ensures that orders are executed at the best interest of the investors. For example, even if the selected market does not offer the best price, orders from investors will be routed to and executed in the market with the best quotes according to the best execution principle. Therefore, markets and orders will seem fragmented, unlike the current situation where all transactions are made through the KRX, the centralized market. Although the best execution principles of many countries have similar backgrounds, the specific definition of “best” varies across the nations. The best execution principle under the Capital Markets Act has to provide fair trading opportunities and best execution results to diverse investors.

키워드