代為沖銷暨期貨商責任內涵之研究

A Study on the Responsibility of Future Commission Merchants’ Margin Coverage Activities

2018年2月6日國內期貨市場爆發史上最大期貨市場違約金額事件（以下稱0206期權事件），最大爭議在於期貨經紀商是否應啟動代為沖銷，代為沖銷之時點、價位、數量是否合理？本研究將自民法之概念釐清期貨經紀商與期貨交易人間之間法律關係，並審酌國外之期貨保證金及代為沖銷制度，探究我國代為沖銷制度之合理性。研究發現代為沖銷屬強制性質之類公法上義務，期貨交易人應自行承擔期貨經紀商代為沖銷之結果，僅在代為沖銷前之追繳保證金通知，方為其善良管理注意義務之範疇。為使期貨交易市場更為健全，本研究建議應提高期貨交易保證金成數，降低代為沖銷機率，並統一由期貨結算所或一律由電腦代為沖銷，避免發生不同期貨經紀商之人為判斷爭議。

The largest amount of margin default in TAIFEX history occurred on February 6, 2018. The biggest dispute is when a broker has the rights to force-liquidate a client’s position – whether his timing, price level and quantity of execution are reasonable. Based on Taiwan’s Civil Code, this research will clarify the legal relationship between future brokers and their clients. This study will also examine margin maintenance and brokers’ responsibilities to force-liquidate client position in future exchanges outside of Taiwan. This research found that force-liquidation is brokers’ responsibilities based on Public Law, future exchange clients have to bear the results of their execution. However, future brokers should exercise due diligence (or good business practice) and issue margin call notification before liquidation. To ensure sound trading practice in TAIFEX, this research recommends raising the margin maintenance ratio in order to reduce the chance of force liquidation of clients’ position. All offset trades should be centralized and automated by TAIFEX’s computer in order to avoid disputes arises from personal judgements by various future brokers.