중소기업의 효율적 환위험관리에 대한 연구

A study on the efficient management of foreign exchange risk for Small and Medium Industry

These days there are many companies who suffer from KIKO, OTC Derivative. KIKO is a sort of compound or exotic option. In principle currency options use to minimize the floating exchange rate in exporting companies and individuals. But KIKO was not working to do this, would rather damaged to the buyer. Furthermore buyer can not perceived this faulties in making contract. Not to notify faulties is negligence of the seller, a bank with which buyer has an account. If KIKO is a void contract, this leads to the liability of seller. Most of complex derivatives have many problems, and so to have too much portion of derivatives brings about bad results. Bankruptcy of Enron, Barings, Lehman Brothers etc are typical examples. As I see it, KIKO is considered to be regulated. Among many other regulation methods, regulation in competitive rules is more easy and effective than trial one.