구조화(structuring)와 금융윤리: KIKO, ELS, TRS 사례 분석

초록

This study examines the characteristics of structured financial contracts (products) and the ethical issues that arise in the structuring process. The effect of structuring varies depending on the needs of the demand group: structuring for non-financial professionals increases the complexity of contracts (products) and amplifies information asymmetry, while structuring for professional investors (corporations) can be used as a channel for unfair contracts such as tunneling. Financial structuring can have different effects depending on the way it is used, which ultimately leads to ethical issues for financial firms. This study introduces the cases of structured products (KIKO, ELS) targeting non-financial professionals and structured contracts (Total Return Swap) targeting professional investors, and introduces the problems that occurred in the structuring process. It also suggests ways to strengthen financial ethics in order to solve these problems due to the characteristics of the financial industry that is evaluated only in terms of profit.

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