c Ñ r * í i · c Ñ r * í i · autobahn e Ü ... " ð x [ ¿ Ó þ × y q æ ! þ ½ x Å...

34
Autobahn (KOREAN TEXT) AUTOBAHN , AUTOBAHN ( ) ( 14 )( ) . (“ ”) , (“ ”) , ( ) . . , , . 1 (1) , / , , , ID (secure ID tokens), (token), (security slip) ( ) . (2) . , . (3) ( ) (i) ( ) , (ii) 3 / . (4) , , . (5) , . (6) . ,

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Page 1: c Ñ r * í I · c Ñ r * í I · Autobahn E Ü ... " ð x [ ¿ Ó þ × y q æ ! þ ½ x Å " !) þ ¯ Ì H e 7 ½ ? | Ó x

Autobahn

(KOREAN TEXT)

AUTOBAHN , AUTOBAHN ( “ ” )

( 14 )( “ ” ) .

(“ ”) , (“ ”) ,

( “ ” ) .

“ ” .

,

,

.

1 (1) , /

, , , ID (secure ID

tokens), (token), (security slip) ( “ ” )

. (2) .

, . (3) ( ) (i)

( )

, (ii) 3

/ . (4) , , . (5) ,

. (6) .

,

Page 2: c Ñ r * í I · c Ñ r * í I · Autobahn E Ü ... " ð x [ ¿ Ó þ × y q æ ! þ ½ x Å " !) þ ¯ Ì H e 7 ½ ? | Ó x

. (7) .

(i) ;

(ii) ;

(iii) .

(i) (iii) ,

. (8) ,

3 3 . (9) ,

3 ( 3 )

. , (

, , , , ,

) ,

.

(i)

(ii) , , ,

(“ ”)

Page 3: c Ñ r * í I · c Ñ r * í I · Autobahn E Ü ... " ð x [ ¿ Ó þ × y q æ ! þ ½ x Å " !) þ ¯ Ì H e 7 ½ ? | Ó x

(10) . (i) , ;

(ii) (

) , , , , ,

;

(iii)

;

(iv) (frame)

(hypertext link) ;

(v)

(11) ( ) ( )

. , , ,

, . (12) ·

.

. ,

: (i)

(ii) .

,

. (13) ,

, , ,

.

Page 4: c Ñ r * í I · c Ñ r * í I · Autobahn E Ü ... " ð x [ ¿ Ó þ × y q æ ! þ ½ x Å " !) þ ¯ Ì H e 7 ½ ? | Ó x

(14) , ,

,

( “ ”) .

,

( ) . (15) 10 (i) , ,

/ ,

, . (16) /

, .

2 (1) , ,

, , . (2) , (

) , , , , , , ,

, , , , , ,

.

(i) 24 ( )

DB

(ii) . .

( : , ,

)

/ , ,

( :

Page 5: c Ñ r * í I · c Ñ r * í I · Autobahn E Ü ... " ð x [ ¿ Ó þ × y q æ ! þ ½ x Å " !) þ ¯ Ì H e 7 ½ ? | Ó x

),

,

. (3) .

3 (1) 3 , , , , ( “ 3

” ) , “ ”

, ,

( 3 ) . (2) , .

/ 3 ,

. .

3 . (3) , , , ,

( “ ” ) .

,

. (4) , ,

, , ( ), , , / ( “

”) .

. (5) , ,

. (i) ( ,

)

(ii) , , , , , , , ,

, (time-share),

(iii)

Page 6: c Ñ r * í I · c Ñ r * í I · Autobahn E Ü ... " ð x [ ¿ Ó þ × y q æ ! þ ½ x Å " !) þ ¯ Ì H e 7 ½ ? | Ó x

(iv)

(v) (function calls)

(embedded links)

(vi)

(vii) 3 , , ,

(viii) , (reverse engineer),

(decompile), (disassemble) (access) (6) .

(i) , (ii) , (iii)

3 .

4 / ,

Page 7: c Ñ r * í I · c Ñ r * í I · Autobahn E Ü ... " ð x [ ¿ Ó þ × y q æ ! þ ½ x Å " !) þ ¯ Ì H e 7 ½ ? | Ó x

(1) ,

, (i)

; (ii)

( , , , ,

)

; (iii) ,

, , , ,

; (iv) ,

.

.

(2)

. (i) (ii) ,

, .

, .

( ) .

.

( , )

, . (3) , ,

, , ,

.

Page 8: c Ñ r * í I · c Ñ r * í I · Autobahn E Ü ... " ð x [ ¿ Ó þ × y q æ ! þ ½ x Å " !) þ ¯ Ì H e 7 ½ ? | Ó x

(4) ( ,

).:

(i) .

.

, ( )

.

( )

.

(ii) . ( )

.

.

(iii) .

. (b) , ( )

, ,

( )

. ,

/

.

5

Page 9: c Ñ r * í I · c Ñ r * í I · Autobahn E Ü ... " ð x [ ¿ Ó þ × y q æ ! þ ½ x Å " !) þ ¯ Ì H e 7 ½ ? | Ó x

, , ,

, ,

, , , / .

,

.

. ( )

, ( ) ,

( ) .

6 (1) .

33 18

. (2) (

) , : , ,

, . (i)

( ); (ii)

; (iii)

; (iv)

( ).

, . (3) ( , )

. , ,

, . (4) 3

. , : (i)

; (ii) ;

(iii) . (5) (i)

( )

( ), (ii)

Page 10: c Ñ r * í I · c Ñ r * í I · Autobahn E Ü ... " ð x [ ¿ Ó þ × y q æ ! þ ½ x Å " !) þ ¯ Ì H e 7 ½ ? | Ó x

( ,

) .

, , ,

. (6) ,

.

, ,

. (7) 6

( )

. (8) , ,

, . (9) (cookies) IP

, ,

,

. (cookies)

. IP

, IP

. (cookies) IP

, IP

. (10) ( ) , , (“ ”)

( ) . ( ) (

) /

( ) .

7 (1) “ ” , (1) ,

, (2) (3)

3 .

Page 11: c Ñ r * í I · c Ñ r * í I · Autobahn E Ü ... " ð x [ ¿ Ó þ × y q æ ! þ ½ x Å " !) þ ¯ Ì H e 7 ½ ? | Ó x

(2)

. , ,

,

, . (3) , ( , , )

(

).

, ( )

, ,

, , ,

, , .

8 (1)

.

.

(i) ,

(ii) ,

(iii)

,

(i)

,

(ii) 3

, ,

(iii)

,

(iv) (iii)

(a)

(b) 3

Page 12: c Ñ r * í I · c Ñ r * í I · Autobahn E Ü ... " ð x [ ¿ Ó þ × y q æ ! þ ½ x Å " !) þ ¯ Ì H e 7 ½ ? | Ó x

(2) , ( , , )

, :

(i) ,

(ii) ,

(iii) ,

(iv) ,

(v) ,

. (3) ,

):

(i) , ,

(ii) ,

(iii) , (iv) ,

(v)

(vi) . (4)

. (5)

( , , , , , , ,

, , , )

.

9

, ,

, , , , ,

.

10 .

,

( , , ) ( ,

, ) . ,

Page 13: c Ñ r * í I · c Ñ r * í I · Autobahn E Ü ... " ð x [ ¿ Ó þ × y q æ ! þ ½ x Å " !) þ ¯ Ì H e 7 ½ ? | Ó x

.

11

3

.

. 3

.

3

.

.

12 .

,

(https://www.db.com/en/content/ Foreign-Exchange-Disclosures.htm )

.

,

. .

,

.

13 (1) ,

. (i) , , (

) ; (ii) 15 ; (iii) ,

2 2 (ii) , 24 . (2) ,

Page 14: c Ñ r * í I · c Ñ r * í I · Autobahn E Ü ... " ð x [ ¿ Ó þ × y q æ ! þ ½ x Å " !) þ ¯ Ì H e 7 ½ ? | Ó x

( 3 ) .

, . (3) , (i) ,

; (ii) (

),

. (4) 11 3 (i) ,

. (5) 1 9 , 3 2 , 3 3 , 6 , 7 , 8 , 9 , 13 15

23 .

14

( : 33

18 ) . , +82 2 734 3505

(Toll Free) 00798 651 7262 [email protected] .

15

(

) ,

.

. ,

3 , ,

,

.

16 ,

, .

.

.

.

Page 15: c Ñ r * í I · c Ñ r * í I · Autobahn E Ü ... " ð x [ ¿ Ó þ × y q æ ! þ ½ x Å " !) þ ¯ Ì H e 7 ½ ? | Ó x

17

. ,

( ,

) .

.

.

18

.

,

.

19

. /

/

.

.

20

, , ,

.

21

.

.

22

Page 16: c Ñ r * í I · c Ñ r * í I · Autobahn E Ü ... " ð x [ ¿ Ó þ × y q æ ! þ ½ x Å " !) þ ¯ Ì H e 7 ½ ? | Ó x

(1) , ( )

, , .

(i)

, (ii) , (a)

, , (b)

. (2) , , ,

(“ ”):

(i) , ( ,

) , ,

, ,

(“ ”), (ii) , ;

, , , 3 , ;

; ;

( , ).

, “ ” , , , .

(3) , , ,

,

. . ,

, .

.

23 (1) ,

.

,

. (2) 1 ( )

Page 17: c Ñ r * í I · c Ñ r * í I · Autobahn E Ü ... " ð x [ ¿ Ó þ × y q æ ! þ ½ x Å " !) þ ¯ Ì H e 7 ½ ? | Ó x

, 2 .

24 (1) ,

,

. (2) 1 15

. (3) .

18

33

110-752

: +82 2 724 4500

: +82 2 736 3871

25 .

, ,

. ,

. ,

.

( /

), :

( I ) 2002 ISDA ( “ISDA ”)

, .

(i) (a) ISDA (b) (Termination Currency)

(ii) ISDA “2002 ISDA (User’s Guide to the ISDA 2002 Master Agreement)”

49 “ (Indemnifiable Tax)”

(iii) ISDA 2003 7 15 1 18( ) 2002 (2002

Master Agreement Protocol)

Page 18: c Ñ r * í I · c Ñ r * í I · Autobahn E Ü ... " ð x [ ¿ Ó þ × y q æ ! þ ½ x Å " !) þ ¯ Ì H e 7 ½ ? | Ó x

(iv) ISDA .

ISDA (International Swaps and Derivatives Association, Inc.)

, ,

,

. , ISDA

(i) (iv)

.

26 .

(Currency Disruption Event) ,

(Payment Currency)

( ).

, ,

( 26 ,

) , , (Disrupted

Date)

.

(a) (b)

/ , / .

Page 19: c Ñ r * í I · c Ñ r * í I · Autobahn E Ü ... " ð x [ ¿ Ó þ × y q æ ! þ ½ x Å " !) þ ¯ Ì H e 7 ½ ? | Ó x

26 : “ (Currency Disruption Event)”

, :

(1) (i) (Relevant Jurisdiction) (ii)

, (iii)

(iv)

; (2) (i) (

) , (ii)

(interbank foreign exchange market)

, (iii) (interbank

foreign exchange market) .

“ (Payment Currency)”

(non-deliverable currency) .

“ (Relevant Jurisdiction)” .

“ (Other Currency)” , ,

.

“ (Disrupted Date)” .

Page 20: c Ñ r * í I · c Ñ r * í I · Autobahn E Ü ... " ð x [ ¿ Ó þ × y q æ ! þ ½ x Å " !) þ ¯ Ì H e 7 ½ ? | Ó x

27

1 26

.

Page 21: c Ñ r * í I · c Ñ r * í I · Autobahn E Ü ... " ð x [ ¿ Ó þ × y q æ ! þ ½ x Å " !) þ ¯ Ì H e 7 ½ ? | Ó x

1 1

Autobahn FX

Autobahn (“ ”) ,

Autobahn ( “ ” ) ( “ ”

) . 1. (1)

( “ ” ) .

. (2)

,

. (3) ;

. (4)

Page 22: c Ñ r * í I · c Ñ r * í I · Autobahn E Ü ... " ð x [ ¿ Ó þ × y q æ ! þ ½ x Å " !) þ ¯ Ì H e 7 ½ ? | Ó x

( ) ,

, .

(i) ( , “ISDA", (Emerging

Markets Traders Association), (Foreign Exchange Committee) 1998

(1998 FX and Currency Option Definitions, ”, A ) )

(ii) (2005 ISDA (2005 ISDA Commodity Definitions, “2005 ”)

) 2005

2. (1)

Page 23: c Ñ r * í I · c Ñ r * í I · Autobahn E Ü ... " ð x [ ¿ Ó þ × y q æ ! þ ½ x Å " !) þ ¯ Ì H e 7 ½ ? | Ó x

(currency pairs) (streaming price)

( “ ” ) .

. .

. ( ),

.

.

, .

.

.

/

.

Page 24: c Ñ r * í I · c Ñ r * í I · Autobahn E Ü ... " ð x [ ¿ Ó þ × y q æ ! þ ½ x Å " !) þ ¯ Ì H e 7 ½ ? | Ó x

/ /

. (

) ( ) .

(2)

.

:

.

. ,

, .

.

.

.

.

Page 25: c Ñ r * í I · c Ñ r * í I · Autobahn E Ü ... " ð x [ ¿ Ó þ × y q æ ! þ ½ x Å " !) þ ¯ Ì H e 7 ½ ? | Ó x

(3)

.

:

1. ( (2) ) .

2. .

3. .

4. .

5.

.

, .

Page 26: c Ñ r * í I · c Ñ r * í I · Autobahn E Ü ... " ð x [ ¿ Ó þ × y q æ ! þ ½ x Å " !) þ ¯ Ì H e 7 ½ ? | Ó x

,

, ,

.

,

, ,

, ( ,

).

(

) .

.

. 3. (1)

( “ ” ) .

. ,

. ,

.

, ( “ ” )

. .

.

.

.

Page 27: c Ñ r * í I · c Ñ r * í I · Autobahn E Ü ... " ð x [ ¿ Ó þ × y q æ ! þ ½ x Å " !) þ ¯ Ì H e 7 ½ ? | Ó x

(2)

. ,

. .

.

(“ ”) .

. (3)

,

(Sales) ( )

.

. (4)

(“ ”)

.

. ( -

, - )

.

. (5)

.

3 1, 2, 3 4 .

. . 4. (1) ;

Page 28: c Ñ r * í I · c Ñ r * í I · Autobahn E Ü ... " ð x [ ¿ Ó þ × y q æ ! þ ½ x Å " !) þ ¯ Ì H e 7 ½ ? | Ó x

.

.

.

,

. (2)

(straight through

processing of transaction data) . (straight through processing feed)

.

,

, . (3)

.

, mid-market( )

.

, /

.

. /

.

(unwound) .

.

.

( , )

. (4)

,

.

. 5. (1) .

Page 29: c Ñ r * í I · c Ñ r * í I · Autobahn E Ü ... " ð x [ ¿ Ó þ × y q æ ! þ ½ x Å " !) þ ¯ Ì H e 7 ½ ? | Ó x

,

. (2)

(“ ”) (“ ”) , (i)

, ( )

( ) (ii)

(“ ”) ,

. ( )

( ) , ( )

. , (A)

( 1 ) , (B) ,

, .

. (3)

,

. (i)

(ii) ( )

; (ii)

.

,

. (4) 5

, .

Page 30: c Ñ r * í I · c Ñ r * í I · Autobahn E Ü ... " ð x [ ¿ Ó þ × y q æ ! þ ½ x Å " !) þ ¯ Ì H e 7 ½ ? | Ó x

CNY

CNY Autobahn

:

1.

:

“CNY” ” (“ ”) .

“CNY ” “ ”, “

CNY .

“ISDA ” 2002 ISDA )

“CNY ” ISDA .

“CNY ” CNY , CNY

.

“ , , .

” CNY .

2.

ISDA

.

1998 , (Emerging Markets

Traders Association) (Foreign Exchange Committee) )( ”

CNY .

Page 31: c Ñ r * í I · c Ñ r * í I · Autobahn E Ü ... " ð x [ ¿ Ó þ × y q æ ! þ ½ x Å " !) þ ¯ Ì H e 7 ½ ? | Ó x

(a) ISDA , (b)

CNY , CNY , (c) CNY

CNY CNY , (d) CNY , CNY

.

3. CNY

CNY

. CNY

,

.

CNY CNY

.

4.

CNY :

(i) CNY , (ii)

CNY CNY

CNY , CNY

,

:

(a) : CNY

CNY 2 . CNY

(Non-Deliverable Substitute)

.

(b) (Non-Deliverable Substitute):

).

:

Page 32: c Ñ r * í I · c Ñ r * í I · Autobahn E Ü ... " ð x [ ¿ Ó þ × y q æ ! þ ½ x Å " !) þ ¯ Ì H e 7 ½ ? | Ó x

“CNY CNY , CNY CNY

.

“CNY , ,

,

. “ , , , 2

1

, 10 Bloomberg Screen “CNH”

<Curncy> DES .

) .

“ . ,

. ,

14 “

. “ ), , ,

.

“CNY (Inconvertibility) CNY

, CNY

), CNY

CNY

,

.

“CNY (Non-Transferability) CNY

,

Page 33: c Ñ r * í I · c Ñ r * í I · Autobahn E Ü ... " ð x [ ¿ Ó þ × y q æ ! þ ½ x Å " !) þ ¯ Ì H e 7 ½ ? | Ó x

CNY ), CNY

, ,

.

5.

:

(i)

: ),

.

.

(ii)

(Fallback Reference

Price):

,

5

. 5

. 3 5

. 3 (iii)

.

(iii)

(“Fallback Survey

Valuation

Postponement”)

(i) , (ii)

),

(iii) 3

)

(Fallback Reference Price) ,

,

.

, (v)

.

(iv)

(No Fault

“ ”

Page 34: c Ñ r * í I · c Ñ r * í I · Autobahn E Ü ... " ð x [ ¿ Ó þ × y q æ ! þ ½ x Å " !) þ ¯ Ì H e 7 ½ ? | Ó x

Termination) (Affected Parties)

.

(v) : , (i)

(ii)

((i) (ii)

14

. , (x) 14

,

,

, (y)

14

,

(

.

(Maximum Days of

Postponement)

14

(Unscheduled

Holidays):

, 2

9 (

)

.

6.

: “ (onshore institution)” “

(onshore individual)” 52 (Circular 52 of the

State Administration of Foreign Exchange) ).