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Since the KOPSI200 index option market was opened in July 1997, it has rapidly grown. In terms of the trading volume, it is the best index option market at the present. The investors have managed the systematic risk exists in stock market through the KOSPI200 index option market. This has led the KOSPI200 index option market contributed to an efficient distribution of capitals by a capital market. Also, It prevents capital outflow from a capital market due to a high leverage effect of derivatives goods itself. As stated above, the KOSPI200 index option market has experienced substantial growth in quantity, however, it has been insufficient in quality. When seeing the participant’s structure of market, a weight of individual investors and securities companies is high. But the financial institutes have a low weight in participation. An essential problem is that the individual investors sustain a great deal of loss, however the foreign investors and financial institutes make much profit. This is an indirect evidence for the asymmetric information between investors. Therefore, it is necessary to develop the indirect financial commodities of index option and various education programs. Finally, for efficiency of option pricing, it needs to diversify the participant’s structure of the options market, which leans upon individual investors and securities companies. So that it is necessary to improve on the transaction system, such as reduction of transaction cost or deposit money and so on, for leading to an active participation of the institutional and foreign investors.