KOSPI 200 선물∙옵션 시장의 현황과 나아갈 방향

Abstract

Since their inception in 1996 and 1997, respectively, KOSPI 200 futures and options

markets have shown rapid growths repeatedly and are now among the most active derivative

markets in the world. This paper analyzes these markets and will attempt to find problems, if

any, with fast growths in so short a period of time. The paper will cover such issues as

whether the trading volume is excessive, whether the current composition of trades by type of

investors is desirable, whether prices are determined properly, how trading volume affects the

stock market volatility, and whether the recent increase in sales of equity linked securities has

ill effects on the stock market. In addition, the paper recommends appropriate policy

measures to resolve some potential problems in KOSPI 200 derivative markets.