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미국 선물시장의 규제제도 운영현황 - 상품선물현대화법과 애국자법 시행에 따른 변화를 중심으로 -

  • Choi, Jin;Jang, Ik-Hwan
    • The Korean Journal of Financial Studies
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    • v.11 no.1
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    • pp.37-59
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    • 2005
  • 미국 선물시장에서는 1934년 증권법과 1974년 선물거래법 그리고 1982년 Johnson-shad 협상안 이후, 증권은 SEC에서, 선물은 CFTC에서 규제하는 현선분리원칙을 지켜왔다. 그러나 최근의 상품선물현대화법과 애국자법(The Patriot Act)의 제정으로 인하여 미국선물시장은 다중규제(Multi-layered Regulation)의 도입이라는 변화를 겪고 있다. 상품선물현대화법은 새로 도입된 증권선물상품(Security Futures Products)을 선물이자 동시에 증권이라고 정의함으로써, CFTC와 SEC가 공동으로 선물시장을 규제하게 되었다. SEC와 CFTC의 위원장간에 교환된 양해각서에서는 특별히 두 정부규제기관간의 신속한 정보교환과 긴밀한 업무협조를 다짐하고 있다. 공적규제기관의 협력적 관계는 민간 자율규제기관에도 영향을 미쳐, NASD와 NFA는 회원등록업무와 감리업무 그리고 회원사 교육 훈련 등에서 상호협력적인 공동의 노력을 기울이고 있다. 2001년 9-11 테러사건을 계기로 입법된 애국자법은 선물중개업자들의 현금거래 보고의무를 추가하였다. 선물중개업자들을 금융기관으로서 고객확인의무(Know-Your-Customer Rule)를 지고, 선물거래고객이 1만달러 이상을 현금으로 납입할 경우에는 Currency Transactions Report를 작성하여야 하며, 입출금조작행위나 그러한 의도가 보이는 경우에는 Suspicious Activity Report를 작성하여 금융범죄수사국에 보고하여야 한다.

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A Study on the Effects of Index Arbitrage Trades on Return Volatilities in the Spot Market and Index Futures Market (주가지수 차익거래가 주식시장 및 주가지수 선물시장의 수익률 변동에 미치는 영향에 관한 연구)

  • Min, Jae-Hoon
    • The Korean Journal of Financial Management
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    • v.17 no.2
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    • pp.175-209
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    • 2000
  • 본 연구는 프로그램매매가 주가지수 선물시장 및 현물 주식시장의 수익률 변동성에 미치는 효과에 대해서 일중 수익률 및 프로그램매매자료를 이용하여 분석을 시도하였다. 실증분석을 통해서 관찰된 결과를 살펴보면 대부분 선진국 시장에서 보고된 결과와 일치하였다. 우선 프로그램매매가 증가할수록 현물 주식시장에서의 변동성은 증대하는 것으로 나타났으나 선물시장에서는 그러한 일관성 있는 관계를 발견하지 못하였다. 프로그램매매 발동 직후 선물 및 현물시장의 수익률은 반전현상을 나타냈으며 특히 현물시장의 가격변화가 선물시장에 비해서 큰 것으로 관찰되었다. 그러나 이러한 선물시장과 현물시장에 있어서의 가격반전 현상이 시장 유동성에 미치는 경제적 영향은 선물만기일과 같이 특정시간대에 프로그램매매가 집중되지 않는 한 경미한 것으로 판단되었다. 프로그램매매 특히 차익거래는 선물 가격과 현물 가격간의 균형 관계가 일시적인 수급상황에 따라 이발될 경우 이를 다시 균형 상태로 회복시켜 줌으로써 시장의 효율성을 증대시키는 주요한 연결통로로서의 역할을 수행한다. 특히 두 시장간의 균형 상태는 선물 시장보다는 현물 주식시장에서의 활발한 매매 활동을 통하여 이루어짐을 알 수 있었다. 결론적으로 국내시장에서 차익거래는 시장의 위험을 증대시키는 부정적인 측면보다는 시장의 효율성을 증진시키는 긍정적인 순기능이 많은 것으로 관찰되었다.

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Forecasting the Environmental Change of Technological Innovation System in South Korea in the COVID-19 Era

  • Kim, Youbean;Park, Soyeon;Kwon, Ki-Seok
    • Asian Journal of Innovation and Policy
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    • v.9 no.2
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    • pp.133-144
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    • 2020
  • Korean economy has experienced a very rapid growth largely due to the change of the innovation system since the last half century. The recent outbreak of COVID-19 impacts the global economy as well as Korea's innovation system. In order to understand the influence of the shock to the Korean technological system, we have forecast the future of the system combining qualitative and quantitative techniques such as expert panel, cross impact analysis, and scenario planning. According to the results, we have identified 39 driving forces influencing the change of Korea's technological innovation system. Four scenarios have been suggested based on the predetermined factors and core uncertainties. In other words, uncertainties of emergence of the regions and global value chains generate four scenarios: regional growth, unstable hope, returning to the past, and regional conflicts. The 'regional growth' scenario is regarded as the most preferable, whereas the 'regional conflicts' scenario is unavoidable. In conclusion, we put forward some policy implications to boost the regional innovation system by exploiting the weakened global value chains in order to move on to the most preferable scenario away from the return to the past regime.

The Influence of personality traits on the Facebook Addiction

  • Hwang, Ha Sung
    • KSII Transactions on Internet and Information Systems (TIIS)
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    • v.11 no.2
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    • pp.1032-1042
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    • 2017
  • Many empirical studies indicate that SNS use has increased substantially over the last few years. People use SNSs for social purposes, mostly related to the maintenance of existing offline contacts. Such usage may have led to compulsive use of SNSs resulting in addictive behavior. This paper aims to explore factors affecting SNS addiction. Specifically, the study examined the role of personality traits in the Facebook usage among college students. Compared to the rest of world, daily log on the site has grown very quickly in South Korea. And college students constitute a vast majority of Facebook users in South Korea. Results from a survey of 235 college students revealed that extraversion and neuroticism positively predicted Facebook usage. Students who were high in extraversion were more likely to update their profiles, share photo and images with others and give feedback on other's posts. Similarly, those who were high in neuroticism were more likely to share photo and images with others and update their profiles. These findings support previous research. Furthermore, in terms of the effect of personality on SNS addiction, this study found that consciousness was negatively associated with Facebook addiction, while extraversion and neuroticism were positively associated with Facebook addiction. Based on these findings implications and directions for futures studies are discussed.

Influence of Shiftwork on Greek Nursing Personnel

  • Korompeli, Anna;Muurlink, Olav;Tzavara, Chara;Velonakis, Emmanouel;Lemonidou, Chrysoula;Sourtzi, Panayota
    • Safety and Health at Work
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    • v.5 no.2
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    • pp.73-79
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    • 2014
  • Background: The aim of this study was to investigate the burden experienced by nursing personnel working irregular shifts in Greece and to conduct the first test of a Greek version of the Standard Shiftwork Index (SSI). Methods: A cross-sectional survey was carried out. The SSI was completed by 365 nurses and nursing assistants working shifts, including nights. Results: Female nursing personnel and those suffering from a chronic disease were most affected by working rotating shifts as they had elevated scores on the majority of the SSI scales, such as sleep, chronic fatigue, digestive and cardiovascular problems, general health questionnaire, cognitive and somatic anxiety, shift time satisfaction, engagement and disengagement strategies, languidity, flexibility, and neurotisicm. Nurses with longer working experience and those with family responsibilities also scored higher on some of the SSI scales, such as the sleep, shift time satisfaction, social and domestic disruption, disengagement strategies, morningness, and languidity scales. Conclusion: Shiftwork affects female nurses, those with chronic disease, older age, and domestic responsibilities more severely. Therefore management should take these factors into account when designing work schedules to alleviate the burden caused by shiftwork.

A Study on the Science and Technology Areas for the Third Technology Foresight of Korea (과학기술예측 대상기술 선정을 위한 주요 기술영역의 조사연구)

  • 정근화;고대승;이정근;손석호;변도영
    • Journal of Korea Technology Innovation Society
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    • v.5 no.1
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    • pp.110-126
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    • 2002
  • This study reviews and compares the selection procedures for science and technology topics to predict mid- and long-term trends in science and technology development in Korea, Japan, and the United Kingdom. It then identifies science and technology topics and future technologies for the third science and technology foresight of Korea. In Japan and the United Kingdom, non-technological topics that reflect socioeconomic needs are also select-ed along with technological ones. This study provides the following policy implications to enhance reliability and effectiveness of the third science and technology foresight of Korea. First, selection of science and technology topics should coincide with the national goal, taking into account development trends in science and technology and socioeconomic needs. Second, the current prediction methodologies such as "delphi" do not fully consider future uncertainties in science and technology development. A scenario method is, for example, needed to present coherent pictures of alternative futures. finally, the third technology foresight should select and include topics that reflect domestic conditions and global trend in technological progress. This study suggests 117 topics for the third science and technology foresight.foresight.

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AN ANALYSIS AND MANAGEMENT OF FRACTURED IMPLANTS (파절된 임프란트 고정체의 분석과 처치)

  • Han Chang-Hyun;Kim Sung-Hyun;Hee Seong-Joo;Ku Young
    • The Journal of Korean Academy of Prosthodontics
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    • v.39 no.1
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    • pp.25-36
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    • 2001
  • Among the numerous factors contributing to implant failure, the most common are infection, failure of proper healing and overload. These factors may occur combined. Implant fractures are one of the complications resulting from overload. Implant fracture is not a common feature, but once it occurs it causes very unpleasant circumstances for the patient as well as for the practitioner. Only few studies have been reported regarding this subject. Thus, little is known about its solutions. It is important that analyzing reasons for implant fracture and finding appropriate solutions. Factors leading to implant fracture are design, material defects, nonpassive fit of prosthetic framework and biomechanical overload. Previous studies have reported that implant fractures ares associated with marginal bone loss and occur mostly in the posterior regions and that most patients showing parafunctional habits also have implant fracture. Abutment and gold screw loosening or fracture were also observed in some of the cases previous to implant fracture. Similar observations were seen in our hospital as well. The following cases will present implant fracture cases which have been successfully treated regarding function and biomechanics. This was achieved by means of using increased number of futures, increasing fixture diameter and establishing proper occlusion.

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Design of The Cyber Shipping Exchange (사이버 해운거래소 구축 방안)

  • 최형림;박남규;김현수;박영재;황성원;박용성
    • Proceedings of the Korean Institute of Navigation and Port Research Conference
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    • 2002.03a
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    • pp.39-51
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    • 2002
  • Online exchange is a cost-effective approach to trade goods and information among multiple sellers and buyers. Shipping industry includes lots of global entities such as shippers, liners, ship owners and shipping agents. Marine insurance companies and ship repairers and many other groups are also supporting the industry. However, international shipping exchanges are located on few cities in the world. Its our motivation that a shipping market can be online so that market participants do the dealing while sitting where they are with more efficient manner, preferable price and larger pool of candidates of trading partners. This paper presents Korean governmental project of building a cyber shipping exchange. The exchange covers ship sale and purchase, charter, insurance, freight futures, repairs, supplying of ships oil and database service. The workflows of each business were analyzed and designed to fit for online environment. The project includes design of trading mechanism, online documents, data flow, data storage and security. Online match making and trading mechanisms such as auction, reverse auction, bid are used. The whole trading process involves multiple organizations and business processes. So, this Paper focuses on how each organization would play their roles so that users can complete transactions with integrated and transparent view. The online exchange selves also as maritime portal site that links to other sites for cooperation vertically or horizontally, and serves database and information in global perspective. This paper also issues and discusses the justification of an online shipping exchange

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The Future of College of Education By Adapting Future Research Methodology (미래예측기법을 활용한 사범대학의 미래)

  • LEE, Do-Yeong;LEE, Jin-Suk;KWON, Da-Nam;CHOI, Ryu-Mi;KIM, Dae-Hyun
    • Journal of Fisheries and Marine Sciences Education
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    • v.27 no.3
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    • pp.757-769
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    • 2015
  • The purpose of this study is to investigate the key factors affecting the future college of education and describe two scenarios for prospecting the future college of education. In these scenarios, two important factors are selected to influence the college of education : 'Expansion of the marketization' and 'Development of technology'. As a result, two different scenarios have been identified. Scenario 1 is 'College of education realizing user centered education by development of the marketization and technology'. Scenarios 2 is 'College of education realizing welfare and the public of edaucaiton by using technology'. This study has some significance to the college of education in Korea in following aspects. 1) It applies future research methodology in method aspect 2) It arouses attention to the future college of education and reminds probabilities of change in context aspect.

An Empirical Test for the Relationship among Maturity, Volume and Volatility in the Korean Stock Index Futures Market (한국주가지수선물시장에 있어서 만기, 거래량, 그리고 변동성간의 관계에 관한 실증연구)

  • Seo, Sang-Gu;Um, Cheol-Jun;Kang, In-Cheol
    • The Korean Journal of Financial Management
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    • v.16 no.1
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    • pp.193-222
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    • 1999
  • 본 연구는 한국주가지수선물시장에 있어서 1996년 5월부터 1998년 6월까지의 기간동안에 상장되어 실질적으로 거래된 각 주가지수선물 종목별 가격 및 거래량자료를 이용하여 만기까지의 기간, 거래량 그리고 가격변동성간의 체계적인 관계를 검증하였다. 즉, 주가지수선물의 종목들이 만기일에 접근함에 따라 거래량은 어떻게 변동하는가, 그리고 변동성은 어떻게 변동하는가를 실증적으로 검증한 것이다. 검증된 실증결과를 요약하면 다음과 같다. 첫째, 주가지수선물시장에 있어서 거래되는 종목들은 만기까지의 기간과 거래량간에 유의적인 음(-)의 관계가 확인되었고, 이는 만기일에 정근함에 따라 거래량은 증가하는 행태를 갖는다는 것이 일반적인 현상임을 알 수 있었다. 둘째, 주가지수선물시장에서 거래된 종목들에 있어서 동시적 거래량과 변동성간에는 유의적인 양(+)의 관계가 성립함에 따라 혼합분포가설을 주장한 Clark(1973)의 연구결과를 어느 정도 지지하는 증거를 발견하였다. 셋째, 주가지수선물시장에 있어서 만기까지의 기간과 변동성간에는 유의적인 음(-)의 관계가 존재한다는 것을 확인할 수 없었다 즉, 만기일에 접근함에 따라 가격변동성이 증가한다는 만기 효과가설을 지지하는 증거를 한국주가지수선물시장에서는 발견할 수 없었다.

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