韩国KIKO案件的交易结构分析

The study of IRS pricing based on SHIBOR

企业因金融衍生交易遭遇重大损失能否得到法律救济,是当前的热点问题。近年来韩国地方法院以"情势变更"原则裁决终止尚未履行完毕的KIKO合同,在国际衍生交易市场引发强烈反响,因其可能危及金融衍生交易的合法存续。KIKO合约与中信泰富、深南电的期权合约很相似,分析这类合约有助于我国企业熟悉金融衍生产品游戏规则。梳理KIKO裁决及其国际层面的法律争议,也给我国法律界以诸多启示。

Whether huge loss companies during derivative transactions can get the remedies is a hot topic nowadays. Recently the Korean courts terminated the KIKO contracts on the basis of the legal principle of ＂changed circumstances＂ . The judgment has caused a great concern in the international financial market because the legal reasoning may damage the legitimacy of derivatives. The structure of KIKO transaction, which is similar to those of Citic-Pacific case and Shenzhen Nanshan Power case, contributes Chinese companies to know the technical rules of financial derivatives well. Summarizing KIKO judgment and its international legal dispute also provide inspiration to China＇ s legal profession.