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홍차넷
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티타임
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- 다양한 주제에 대해 자유롭게 글을 작성하는 게시판입니다.
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전체기타일상/생각꿀팁/강좌방송/연예도서/문학영화의료/건강문화/예술경제생활체육과학/기술철학/종교정치요리/음식역사여행육아/가정IT/컴퓨터음악창작게임스포츠사회오프모임
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| Date |
Warning: Use of undefined constant reg_date - assumed 'reg_date' (this will throw an Error in a future version of PHP) in /home/redtea/html/a_skin/bbsd/view.php on line 53 15/11/23 08:52:28 Warning: Use of undefined constant mod_date - assumed 'mod_date' (this will throw an Error in a future version of PHP) in /home/redtea/html/a_skin/bbsd/view.php on line 56 |
| Name | MANAGYST |
| File #1 | gg.png (18.5 KB), Download : 8 |
| Subject | 작은 잘못과 큰 잘못, 그리고 더 큰 잘못 |
 < 작은 잘못과 큰 잘못, 그리고 더 큰 잘못 > 출처 - http://managyst.com/220479631502 앞으로 금융시장에서 가장 크게 화두가 될 단어는 아마도 "윤리(Ethics)"가 아닐까?라는 생각. 최근에 여러가지 사건들도 있었구요. 앞으로도 많은 일들이 있을 듯합니다! 최근 금융시장에서 일하는 동갑 친구들과 만나서 이야기할 때 "지금이라도 로스쿨에 가야 하냐"가 화두가 됨. 왜냐면, 물론 공부할 용기는 없지만, 만약 로스쿨을 갔다 3년후에 돌아오면, 이쪽 시장(금융윤리 관련 사건)은 크게 성장해 있을 것이 분명하다고 생각했기 때문. 최근에 나왔던 기사 제목만 잠깐 보면, '불법채권거래' 맥쿼리투신, ING생명 고객에 120억 환급 "미국에 신약기술 수출" 19일 발표했는데…기관들, 12일부터 한미약품 집중 매수 뭔가 아주 불법스러운 일들이 일어나는 모양. 좀 더 구체적으로 생각해보기로.. 0. CFA Ethics의 내용 CFA공부를 3번 이상 공부하면서 (1번 이상 떨어졌다는 의미 ㅡㅜ;) 윤리는 지겹도록 공부했지만, 아직도 그 내용을 잘 이해하진 못했음. CFA처럼 금융윤리의 관점에서 "잘못"을 분류할 수 있는 여러가지 기준들이 있지만, 오늘은 잘못이 주는 영향력의 크기를 기준으로 '작은 잘못', '큰 잘못' 그리고 '더 큰 잘못'으로 나눠보려 함. * 세가지 기준(I.A.P) : Intent(의도), Abilibity(능력), Probabiliy(가능성) > 1. 잘못이 아닌 경우 산성앨앤에스.. 이 주식에는 참 많은 사연이... 1만원짜리가 1년만에 10배 넘게 올랐다가 더 짧은 시간 동안 다시 1/3토막이 났으니, 얼마나 많은 사람들의 인생이야기가 있을까? 싶음. 암튼 최근 모 증권사 애널리스트가 이 회사에 대한 레포트를 썼다가 개인투자자들에게 정말 심한 비난을 받았다는. 소문을 들었음. "왜 주가가 높을 때 사라고 했다가, 빠지니깐 팔라고 하냐" "개인투자자들만 바보 만드는 거 아니냐?" 개인적으로 만난적은 없지만, 이 분의 잘못이 전혀 없을 가능성이 매우 높다고 생각함. Why? 1)진짜 잘못은 따로 있기 때문. 2)틀릴 수 있는 용기는 존중받아야 함. 첫째, 진짜 잘못은 따로 있다는 것 입장을 바꿔서 이 연구원이 주가를 예측하는 과정에서 본인이 틀려서 개인투자자들에게 반드시 손실을 떠 넘겨야 겠다는 의지가 있었을 가능성이 있을까? Zero일 가능성이 매우 높음. 만약 이러한 의도가 있었다면, 작은 잘못의 단계로 넘어감. 둘째로 틀릴 수 있는 용기에 대한 이야기 만약 틀리는 것이 비난을 받는다면, 아무도 예측이라는 것을 하지 않게 됨. 거꾸로 종목을 잘 발굴해서 개인투자자들이 돈을 벌면, 그 연구원한테 돈 혹은 다른 감사의 표현을 함? 그런 경우는 들어본적 없음. 보상이라는 관점에서 보면, 이건 잘되면 본전, 틀리면 최악인 일종의 풋옵션 매도포지션에 해당. 그러면, 창의적인 아이디어가 세상에 나오기는 더욱 어려워 지며, 또 그러면 시장의 효율성이 떨어져서 다양한 비용이 발생하게 됨. 기본적으로 애널리스트들도 사람이기 때문에 틀릴 수 있다는 것을 인정하는 것이 최우선. 그래서 개인적으로 오히려 주가를 맞추면, 박수를 쳐줘야 한다고 생각함. 2. 작은 잘못 예를 들어 산성앨앤에스에 대한 연구가 충분한 리서치 없이 투자한 경우라면, CFA윤리 규정의 V.A Diligence and Reasonable Basis(성실성과 합리적 근거) 위반에 해당함. 그런데도 불구, 이러한 잘못은 오늘 "작은 잘못"으로 분류함. 왜냐면, 잘못한 의도(대충 조사하기, 고객에게 최선을 다하지 않기 등)를 가지고 있었다고 하더라도 혹시 잘 될 가능성이 있기 때문. 예를 들어 A주식을 대충 공부하고 사라고 했는데, 왠걸 완전 폭등! 이러면, 고객도 좋고, 애널리스트도 좋고 다 좋아. 즉, 이러한 잘못이 작은 것이라고 평가하는 이유는 "의도가 있었다고 하더라도, 자신의 행위가 고객에게 피해를 줄지 여부를 결정할 수는 없다는 한계" 때문. 근데 큰 잘못은 다름. 고객에게 확실히 불리한 영향을 줄것이라는 것을 알면서 하는 행위가 또 있음. 3. 큰 잘못 1) 프론트러닝(front running) (매니져 입장) A회사는 특정 펀드에서 (가)라는 작은 회사를 사기로 결정. 이에 김모 매니져는 오늘 아침 회의가 끝나자 마자 그 주식을 미리 사놓고, 그 이후 펀드의 자금으로 (가)주식을 삼. 이 경우, (가)회사가 삼성전자처럼, 큰 주식이 아니라면, 아주 쉽게 돈을 벌 수 있음. 앞서 설명한 작은 잘못과 다른 점은 고객(특정 펀드에 투자한 투자자는 (가)회사를 더 비싼 가격으로 사게됨)에게 손해를 끼칠 의도가 있을 뿐 아니라, 가격을 조정할 수 있는 능력도 가지고 있다는 것. (브로커 입장) A브로커는 OO연금이라는 고객이 있음. 그런에 오늘 오후 2시 반 이후에 주식을 2000억 사달라는 주문을 받음. A브로커는 그 말을 듣는 즉시, 자기 계좌로 주식을 사고 그 이후 OO연금으로 받은 주식 거래를 진행함. 이 경우 역시 앞서 설명한 예처럼 의도(본인은 별거 아니라고 생각하겠지만)도 있고, 능력도 있음 2) 채권파킹(parking) 개인적으로 채권시장은 잘 모르기 때문에 간단히 설명하면, A기관의 a매니져가 B기관의 b브로커에게 채권을 사달라고 함. 근데, 내가 A기관이 산건 비밀로 해달라고 함. 으잉? 그런 거래가 이루어진 이후 금리가 하락하면, 채권 가격이 상승해서 이익이 발생. 근데 A기관이 샀다는 건 비밀이었음. 그럼 발생한 이익은 어디로 가나?? 반대로 금리가 올라가서 손실이 발생하면?? 이런 문제가 생김. 이와 관련해서는 재판이 진행중. *채권 파킹거래 채권을 매수한 기관이 장부(book)에 곧바로 기록하지 않고 잠시 다른 중개인(증권사)에 맡긴 뒤 일정 시간이 지나 결제하는 거래 방식 아마, 여기까지 읽어보시면, 앞서 언급한 산성의 예가 좀 작아 보일 듯. 하지만 이것도 가장 큰 잘못이 되지는 못한다고 생각함. 프론트 러닝을 했는데, 갑자기 금융위기가 터지면, 망함. 마찬가지로 채권을 파킹했는데, 금리가 오르면 폭망. 다른 사람에게 피해를 주면서 자기가 이익을 보기 위한 의도도 있고, 그걸 실현 시킬 수 있는 능력도 있지만, 여전히 실패할 가능성은 남아 있다는 것. 그럼 실패할 가능성 조차 없는 경우가 있다는 거임? 4. 가장 큰 잘못 한 때 유행했던 "월스트리트의 예언자" 라는 다큐멘터리 마틴 암스트롱이라는 사람이 천재인데, 금융위기를 예언해서 정부가 그를 잡아가서 억울하다는 내용. 개인적으로 어차피 이분의 예측에는 관심이 없었고, 동영상 중간에 나오는 멘트가 기억남. "어떤 유명인이 나에게 전화를 걸어요. 내일 OOO지역에서 전쟁이 날거라는 거죠. 그래서 내가 뭘 도와주면 되냐고 물어봤더니, "어떤 화폐를 사야되냐고" 물어보는 거에요." 전쟁을 결정할 수 있는 정도의 위치에 있는 사람이 자기의 이익을 추구하더라는 것. 이게 사실인지 아닌지 알 수 있는 방법은 없지만, 이런 생각은 해볼 수 있을 것 같음. 앞서 "잘못"이라는 단어를 통해서 금융윤리에 대해서 생각해봤음. 정말 뜬금 없는 분류이기 때문에 법적으로 잘못이 되는지 여부와는 전혀 상관없는 개인적인 분류방법이었음. 그런데, 이 글을 지금까지 읽고 있는 당신은 지금 어떤 생각을 하고 있나요? "이 써글놈들. 지들끼리 다 해먹는 구만!!!" or "아~ 부럽다. 나도 저런 기회가 있다면, 돈 벌고 싶다" 모르긴 해도 두가지 생각을 다 했을 가능성이 높다고 생각함. 모든 사람은 돈을 벌고 싶어하기 때문. 만약 두번째 생각을 하지 못했다면, 당신은 성인일 수 있으니, 종교를 만들어 봐도 될 듯. 그런데, 막상 돈을 벌 수 있는 좋은 기회가 있는데도 불구하고, 그걸 포기하려면, 오히려 엄청나게 큰 용기가 필요함. 생각해보자. "A라는 지역을 개발할지 말지를 결정할 수 있는 자리에 있는 사람이 있다 치자. 실패할 가능성도 없이 매우 큰 돈을 벌 수 있는 기회. 눈 한번 딱 감으면, 됨. (게다가 자기가 최고 권력자이기 때문에 자기를 수사할 사람도 자기가 정할 수 있다면?) (더 나아가 혹시라도 수사를 받게 되면, 재판을 할 사람을 자기가 정할 수 있다면?) 이 사람은 얼마나 큰 용기가 있어야 그 기회를 살지지 않을 수 있을까?" < 결론 > 마지막으로 최근 들었던 한 애널리스트의 말을 빌려보겠음. "얼마전 이슈가 되었던 Z라는 회사. 그 회사 IR이 퇴직을 하기 전에 나한테 전화가 와서 비공개 정보를 주는 거야. 왜 나한테 그런 고급정보를 줬는지 모르겠지만, 그 정보를 누군가에게 발설했다면, 나는 지금쯤 검찰에서 조사를 받고 있을거야. 정말 아찔한 순간이었지. 그런데, 그 정보를 받은 순간. 아무에게도 말하지 않고, 나만 알고 있기로 결심하는 건 정말 힘들었어." 이 분이 꾹 참은 이유는 나에게 피해가 될 수도 있다는 두려움이 있었기 때문. 이런 잘못들이 일어나지 않으려면, 결국 사람들의 이기심을 활용해야 한다는 것. 다시 말하면, 금융시장 종사자들이 "내가 이 윤리를 지키는 것이 장기적으로 나에게 이익이 된다"는 확신을 가지고 있어야 함. 아니 그런 확신을 가질 수 있도록 사회적 공감대가 형성되어야 함. 맨 처음 소개했던(틀릴 수 있는 용기) 잘못이 아닌데 잘못이라고 공격하지만 말고.. 끝. P.S 어제 내부자들이라는 영화를 봤습니다. 재미있더라구요. 그리고 예전에 제가 썼던 이 글이 생각났습니다. Warning: Use of undefined constant no - assumed 'no' (this will throw an Error in a future version of PHP) in /home/redtea/html/a_skin/bbsd/view.php on line 133 Warning: Use of undefined constant no - assumed 'no' (this will throw an Error in a future version of PHP) in /home/redtea/html/a_skin/bbsd/view.php on line 146 Warning: Use of undefined constant vote - assumed 'vote' (this will throw an Error in a future version of PHP) in /home/redtea/html/a_skin/bbsd/view.php on line 161 2 이 게시판에 등록된 MANAGYST님의 최근 게시물
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23364 class="iamcmt" style="display:none;"> Warning: Use of undefined constant no - assumed 'no' (this will throw an Error in a future version of PHP) in /home/redtea/html/a_skin/bbsd/view_comment.php on line 66
23364 class='vcm '>
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23364'> kpark
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15/11/23 09:10
23364>삭제 주소복사
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\"내가 이 윤리를 지키는 것이 장기적으로 나에게 이익이 된다\"
우리나라는 이게 낙제점인 듯...
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우리나라는 이게 낙제점인 듯...
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Warning: Use of undefined constant password - assumed 'password' (this will throw an Error in a future version of PHP) in /home/redtea/html/a_skin/bbsd/view_comment.php on line 166
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Warning: Use of undefined constant vote - assumed 'vote' (this will throw an Error in a future version of PHP) in /home/redtea/html/a_skin/bbsd/view_comment.php on line 172
Warning: Use of undefined constant no - assumed 'no' (this will throw an Error in a future version of PHP) in /home/redtea/html/a_skin/bbsd/view_comment.php on line 173
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Warning: Use of undefined constant vote - assumed 'vote' (this will throw an Error in a future version of PHP) in /home/redtea/html/a_skin/bbsd/view_comment.php on line 173
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