Short selling to be completely banned until mid-2024 2024년 중반까지 공매도 완전금지

[김우정]

금융위원회가 오늘부터 내년상반기까지 공매도를 금지했습니다.

공매도는 주가하락이 예상되는 주식을 빌려서 매각하고 싸게사들인 주식을 돌려줘서 차익을 남기는 거래입니다.

그동안 공매도는 글로벌투자은행 등 기관에게만 허용되었습니다.

오늘 오전 주식시장은 폭등하고 있습니다.

Short selling to be completely banned until mid-2024
2024년 중반까지 공매도 완전금지

By Anna J. Park 박안나 기자
Posted : 2023-11-05 20:05 Updated : 2023-11-05 21:43
Korea Times

Financial Services Commission (FSC) Chairman Kim Joo-hyun speaks during a press conference at the government complex in central Seoul, Sunday. On the left is Financial Supervisory Service (FSS) Governor Lee Bok-hyun. Yonhap 김주현 금융위원장이 일요일 서울 종로구 정부 서울청사에서 열린 기자간담회에서 발언하고 있다. 왼쪽은 이복현 금융감독원장이다. 연합

FSC to pursue improvements in short-selling regulations
금융감독위원회, 공매도 규제개선 추진

Financial authorities in Korea announced on Sunday a complete ban on short selling from Monday until the end of June next year. The temporary ban was announced after financial authorities discovered rampant illegal short selling practices by global investment banks.
한국 금융당국은 월요일부터 내년 6월 말까지 공매도를 전면 금지한다고 일요일 발표했다. 이 임시 금지는 금융당국이 불법적인 만연해 있는 공매도를 발견한 후 발표되었다.

The Financial Services Commission (FSC), the country's top financial regulator, said the ban will be applied to all listed stocks on the main KOSPI, as well as Kosdaq and KONEX markets from Monday. So far, the ban on short selling has been partial, allowing the shorting of major stocks included in the KOSPI 200 index and Kosdaq 150 index as exceptions.
국내 최고금융감독기관인 금융위원회는 월요일부터 코스닥과 코넥스 시장뿐만 아니라 코스피의 모든 상장종목에 공매도금지가 적용된다고 밝혔다. 지금까지는 공매도 금지가 부분적으로 적용돼 코스피200지수와 코스닥150지수에 포함된 주요 종목의 공매도는 예외로 허용됐다.

The FSC cited rampant illegal short selling in the local stock market as the reason behind the move, saying the practice has undermined market trust and hampered the formation of fair prices.
금감위는 이런 관행이 시장의 신뢰를 떨어뜨리고 공정한 가격 형성을 저해하고 있다며 국내 증시에 만연한 불법 공매도를 이번 조치의 배경으로 꼽았다.

"Despite previous regulatory improvements, concernss remain high over fair price formation in the domestic stock market due to repeated illegal naked short selling by global institutional investors in the Korean stock market," FSC Chairman Kim Joo-hyun said during a press briefing on Sunday.
김주현 금감위 위원장은 일요일 기자간담회에서 "그동안의 규제개선에도 불구하고 국내 증시에서 글로벌 기관투자자들의 불법적인 무차입 공매도가 반복되면서 국내증시의 공정한 가격형성에 대한 우려가 여전히 크다"고 지적했다.

"Against this backdrop, the FSC has decided to completely ban short selling until the first half of next year, in order to preemptively counter increasing market uncertainties and concerns that widespread illegal short selling practices hinder the formation of fair prices in the market," the FSC chief added.
"이러한 상황에서, 금감위는 증가하는 시장의 불확실성과 광범위한 불법 공매도 행위가 시장의 공정한 가격형성을 방해한다는 우려에 선제적으로 대응하기 위해 내년 상반기까지 공매도를 전면 금지하기로 결정했습니다" 라고 금감위원장은 덧붙였다.

Financial Services Commission (FSC) Chairman Kim Joo-hyun speaks during a press conference at the government complex in central Seoul, Sunday. Yonhap 김주현 금융위원장이 일요일 서울 종로구 정부 서울청사에서 열린 기자간담회에서 발언하고 있다. 연합

During the eight-month ban on short selling, the government plans to improve regulations to prevent the recurrence of illegal short selling practices.
정부는 8개월간의 공매도 금지 기간 동안 불법 공매도 행위가 재발하지 않도록 규제를 개선할 계획이다.

Specifically, the financial authorities will ultimately resolve what has been widely viewed as an uneven playing field that favored institutional investors. Despite efforts to apply fair regulatory conditions to institutional and retail investors, such as extending the loan repayment period and lowering the collateral ratio, differences in borrowing conditions still persist. The FSC said it will actively seek ways to fundamentally resolve the matter.
구체적으로는 그동안 금융당국이 기관투자자에게 유리했던 불평등한 경기장을 궁극적으로 해소하겠다는 것이다. 대출상환기간 연장, 담보비율 인하 등 기관투자자와 개인투자자에게 공정한 규제조건을 적용하려는 노력에도 불구하고 차입조건의 차이는 여전히 지속되고 있다. 금감위는 이를 근본적으로 해결할 수 있는 방안을 적극 모색하겠다고 밝혔다.

The government will also consider measures to establish a real-time blocking system to prevent illegal naked short selling. The measures will be drawn up after thoroughly analyzing recent cases of illegal short selling practices by global institutional investors. The authorities also aim to work with the National Assembly to enact necessary laws.
불법적인 무차입 공매도를 막기 위해 실시간 차단 시스템을 구축하는 방안도 검토하기로 했다. 최근 글로벌 기관투자자들의 불법 공매도 행위 사례를 철저히 분석한 뒤 대책을 마련하기로 했다. 당국은 국회와 협력해 필요한 법을 제정하는 것도 목표로 하고 있다.
 

Financial Services Commission (FSC) Chairman Kim Joo-hyun, right, walks alongside Financial Supervisory Service (FSS) Governor Lee Bok-hyun, as they walk to a briefing room at the government complex in central Seoul, Sunday. Yonhap 김주현 금융위원장(오른쪽)이 일요일 정부 서울청사 브리핑 룸으로 이동하면서 이복현 금융감독원장과 나란히 걸어가고 있다. 연합

Global investment banks to be investigated for violations
글로벌 투자은행, 위반 여부 조사 예정

The financial authorities said they intend to detect and punish naked short selling practices by conducting a comprehensive investigation into global investment banks. The government will launch a special investigation team on Monday for that purpose.
금융당국은 글로벌 투자은행을 대상으로 종합적인 조사를 벌여 무차입 공매도 관행을 적발해 처벌할 방침이라고 밝혔다. 정부는 이를 위해 오는 월요일 특별조사단을 가동할 예정이다.

"We will apply a zero-tolerance approach to illegal naked short selling practices. Perpetrators will be strictly punished and face criminal prosecution," the FSC chairman said.
금감위원장은 "불법적인 무차입 공매도관행에 무관용 원칙을 적용할 것"이라며 "가해자는 엄벌에 처하고 형사처벌을 받게 될 것"이라고 말했다.

Short selling is a trading strategy to make profits from the expected decline of a stock price. In short selling, traders borrow shares whose values they expect will fall, and sell the borrowed shares to buyers at the market price. After the stock price falls as expected, they buy them back at a cheaper price, and return the shares to make a profit. Naked short selling, which is illegal in Korea, refers to the practice of selling stocks without actually borrowing or owning those shares.
공매도는 주가가 하락할 것으로 예상되는 주식을 빌려 차익을 남기는 거래 전략으로 공매도에서는 가치가 떨어질 것으로 예상되는 주식을 빌려 시장가격으로 매수자에게 매도하고, 예상대로 주가가 하락한 후 다시 싸게 사들인 뒤 주식을 돌려줘 차익을 남기는 방식이다. 국내에서 불법적인 무차입 공매도는 실제로 주식을 빌리거나 소유하지 않고 주식을 파는 관행을 말한다.

Although shorting is a legitimate investment strategy, there has long been a public outcry over the practice in Korea, due to preval‎ent illegal short selling practices, such as naked shorting. Short selling was entirely banned in Korea three times in the past, including during the global financial crisis in 2008, the European fiscal crisis in 2011, and the COVID-19 pandemic in 2020.
공매도가 합법적인 투자전략임에도 국내에서는 무차입 공매도 등 불법적인 공매도 관행이 만연한 지 오래고, 2008년 글로벌 금융위기, 2011년 유럽 재정위기, 2020년 코로나19 대유행 등 과거 세 차례 공매도가 전면 금지됐었다.

#Shortselling공매도 #FinancialServicesCommissionFSC금융위원회 #Illegalnakedshortselling불법무차입공매도 #Regulationimprovement규제개선#Globalinvestmentbanks글로벌 투자은행