개인용 컴퓨터의 보급과 정보통신기술의 발달은 증권업의 경쟁을 가속화 하고 투자자의 다양한 욕구변화와 함께 유가증권의 발행인, 중개기관, 시장운영자 등은 컴퓨터 통신망 속의 가상공간 속에서 자신만의 노하우를 개발적용함으로써 시장에서 경쟁력을 향상시키는데 전력을 다하고 있다. 많은 투자자들은 기존의 객장을 찾아 증권을 매매하는 전통적인 방식에서 벗어나 개인용 컴퓨터 및 이동전화기 등의 전자매체를 이용하여 인적인 접촉이 없이 직접 거래하는 가상공간(Cyber Space)에서의 증권거래 방식이 대세를 이루고 있다.그러나 웹사이트를 이용하여 유가증권을 발행하거나, 홈페이지 상에서 하이퍼링크를 설정하여 정보를 제공하는 경우, 인터넷 게시판, 대체거래시스템, 사이버상의 불공정거래 등 사이버 증권거래에서 빈번이 발생하는 문제를 해결하기 위한 관련 법률의 보완 및 제도적 검토와 더불어 사이버증권시장의 안정적인 시스템의 구축이 뒷받침되어야 한다.

Legal Regulation of the Cyber Securities Market Securities Market have marked a significant role in national economy by helping capital raising for company and providing individual investors with opportunities to get income or money. Recent revolution in information technology are changing the nature of brokerage business. Lately the securities exchange in cyberspace by use of electronic methods has been an material part of the korean securities market. The cyber securities market in Korea has grown rapidly and the number of investors has increased greatly. But there have come unforeseen problems emering from the cyber trading in enforcement of the current securities exchange law. For example internet has been abused as a means of misrepresentation relating to information delivery and cyber exchange has been more actively used for securities fraud including manipulation in the securities market and cyber trading has been a surge in investors’ complaints to system outage and untruthful information provided to investors on the internet web site. Thus the investors participating in cyber exchange need to be protected more sufficiently and reasonably than in the real market. Therefore it is necessary to improve the regulation system for the protection of investors´ interests and running growth of cyber securities exchange.

Legal Regulation of the Cyber Securities Market Securities Market have marked a significant role in national economy by helping capital raising for company and providing individual investors with opportunities to get income or money. Recent revolution in information technology are changing the nature of brokerage business. Lately the securities exchange in cyberspace by use of electronic methods has been an material part of the korean securities market. The cyber securities market in Korea has grown rapidly and the number of investors has increased greatly. But there have come unforeseen problems emering from the cyber trading in enforcement of the current securities exchange law. For example internet has been abused as a means of misrepresentation relating to information delivery and cyber exchange has been more actively used for securities fraud including manipulation in the securities market and cyber trading has been a surge in investors’ complaints to system outage and untruthful information provided to investors on the internet web site. Thus the investors participating in cyber exchange need to be protected more sufficiently and reasonably than in the real market. Therefore it is necessary to improve the regulation system for the protection of investors´ interests and running growth of cyber securities exchange.

Cyber securities exchange, Cyber securities market, Brokerage business, Cyber trading, securities exchange law, protection of investors