금융투자상품의 거래주문시 착오가 발생하면, 통상 착오자 본인의 손해 여부가 문제된다. 그러나 최근 한국거래소에서 착오주문에 기하여 KB금융 주식 가격이 장중 한때 가격제한폭까지 하락하면서, 제3자인 일부 주가연계증권(Equity Linked Securities: ELS) 투자자들에게 손해가 발생하여 문제가 되었다.
동 ELS 사안은 펀드매니저가 착오에 기한 대량의 오류주문을 집행하여, 결과적으로 시세가 변동하여 제3자가 손해를 입었을 경우, 그로 인한 피해자를 어디까지로 보는 것이 합리적인지를 규범적으로 확정하는 문제로 볼 수 있다.
이 글에서는 착오의 위법성과 귀책사유, 위험책임 및 제3자의 채권침해 측면에 국한하여 동 ELS 사안의 피해자의 범위를 규범적으로 어떻게 정하는 것이 합리적인가에 대하여 검토하고자 한다. 만일 고의로 동 주문을 집행한 경우라면 이는 자본시장과 금융투자업에 관한 법률(이하 ‘자본시장법’이라 한다) 제176조 제4항 제3호의 시세조종에 해당하여, 동법 제177조에 규정된 손해배상책임이 있다. 그러나 이 글에서는 시세조종의 법리적용은 논의 범위에서 배제한다.
In most cases, issues surrounding damages due to error trades in trading financial instruments, are limited to the damages suffered by the directly involved parties. However, in a recent event, an error trade on the KRX(Korea Exchange) caused the share price of KB Financial Group to drop reaching the daily lower limit. This lead to collateral damages on investors invested in a specific ELS(Equity Linked Securities). The same issue pertains to how and to what extent damage claims shall be recognized in case where the damage was indirectly suffered due to the market price movements caused by error trades. The study aims to review and define a practical extent of possible plaintiffs from the said event considering the illegality, liability, imputable cause and infringement of 3rdparties’ receivable rights. If the error trade has sent intentionally, this will be considered market price manipulation as prohibited by Article 176 Paragraph 4 Clause 3 of the Financial Investment Services and Capital Markets Act(FSCMA) and therefore will be liable for damages per Article 177 of the same law. However, market price manipulation will not be considered in this study.
In most cases, issues surrounding damages due to error trades in trading financial instruments, are limited to the damages suffered by the directly involved parties. However, in a recent event, an error trade on the KRX(Korea Exchange) caused the share price of KB Financial Group to drop reaching the daily lower limit. This lead to collateral damages on investors invested in a specific ELS(Equity Linked Securities). The same issue pertains to how and to what extent damage claims shall be recognized in case where the damage was indirectly suffered due to the market price movements caused by error trades. The study aims to review and define a practical extent of possible plaintiffs from the said event considering the illegality, liability, imputable cause and infringement of 3rdparties’ receivable rights. If the error trade has sent intentionally, this will be considered market price manipulation as prohibited by Article 176 Paragraph 4 Clause 3 of the Financial Investment Services and Capital Markets Act(FSCMA) and therefore will be liable for damages per Article 177 of the same law. However, market price manipulation will not be considered in this study.
