손해배상(기)
All appeals are dismissed.
The costs of appeal are assessed against the Plaintiff.
The grounds of appeal are examined.
1. As to the tort liability against Defendant Vienna Paris Bank
A. Market price manipulation based on so-called linkage, such as fluctuation in, or fixing, the market price of listed stocks or exchange-traded derivatives, which are underlying assets of derivatives, with an intention to earn, or cause a third party to earn, unjust profits from the trading of derivatives, etc., is causing damage to investors by impeding fair market price formation in the financial investment instruments market, and as a result, is illegal.
Here, an act of changing or fixing the market price refers to a transaction that is likely to cause an artificial fluctuation in the market price and trading volume to be formed in a free competitive market due to supply and demand based on normal supply and demand factors, and whether it falls under this case can be determined by comprehensively taking into account indirect facts such as the nature of derivatives or securities related to the transaction, the volume, price and trading volume of concluded contracts or securities issued, the economic rationality and fairness of the transaction before and after the transaction, the economic rationality and fairness of the transaction, the degree of market intervention rate, the continuous closing price management, etc.
(See Supreme Court Decision 2009Da40547 Decided July 22, 2010 (see, e.g., Supreme Court Decision 2009Da40547, Jul. 22, 2010). Meanwhile, if a hedge trading conducted by a financial investment business entity by means of trading its underlying assets, such as stocks, in order to control risks arising from the trading of derivatives, conforms to the objective in terms of time, quantity, and method, it is an act of economic rationality. Thus, even if the hedge trading affected the underlying asset market price, it is a market price manipulation unless there are special circumstances to deem that the fairness of trading was damaged, such as artificially manipulating the price for the purpose