The prosecutor's appeal is dismissed.

1. Summary of grounds for appeal;

A. The defendants, in collusion with the officers and employees of the securities company, are allowed to put in the internal server of the instant speed-related services (i.e., the defendants' ELW althm trading programs provided by the exclusive server, (ii) the orders are processed by means of virtual body, and (iii) the defendants are provided with orders by means of virtual body, etc.) under Article 178(1)1 of the Financial Investment Services and Capital Markets Act (hereinafter referred to as the "Capital Markets Act").

B. However, the court below judged that the speed-related service of this case cannot be deemed to constitute "illegal means, plans, or tricks" as stipulated in the above provision, and sentenced not guilty of the facts charged of this case. In full view of the following circumstances, the court below erred by misunderstanding of facts or misunderstanding of legal principles, which affected the conclusion of

First, since the Defendants are engaged in the instant speed-related services by using the instant speed-related services, ordinary investors, not California operators, are practically deprived of or are likely to be deprived of their trade opportunities, the investment profits in the ELW market of the Scers using the instant speed-related services are likely to ultimately be connected to ordinary investors’ damages.

Second, it is against the principle of trust and good faith of financial investment business entities and prohibition of conflict of interest under the Financial Investment Services and Capital Markets Act that a securities company intentionally handles the Defendants with the instant speed-related services without any reasonable reason.