極端市場波動下期貨商代為沖銷行為的法律分析 ―以0206事件為例

Abstract

2018年2月6日因美股重挫，臺灣期貨市場爆發史稱「0206選擇權大屠殺」的重大波動事件。當日市場劇烈震盪，導致多檔價外選擇權瞬間觸及漲停，期貨商為控管風險，啟動大規模代為沖銷作業，使交易人出現鉅額損失與違約現象。事件引發多件訴訟，並揭示期貨代為沖銷制度於極端市場波動情境下之法律爭議。 本文以0206事件為核心，探討期貨商代為沖銷行為的法律性質、善良管理人注意義務及責任界限。研究結果認為，期貨商與交易人之間應屬行紀契約關係，期貨商負有善良管理人之注意義務，並應積極履行金融消費者保護責任，涵蓋開戶徵信、資訊揭露與交易執行過程。惟於代為沖銷行為上，期貨商依法負有強制執行義務，其性質屬遵守金融法規上義務，並非單純民事契約行為，故交易人原則上應自行承擔其風險與結果。 本文亦進行中國大陸與香港期貨市場制度之比較，發現兩地於強制平倉條件、執行程序與市場介入標準均較我國更為明確與細緻。我國制度雖具基本設計，惟在法律位階與應變機制設計上，仍有精進空間。本文建議未來應強化代為沖銷制度之法律依據明確性，完善高風險通知及保證金追繳程序，並提升市場異常情境下之流動性管理與透明度，以兼顧市場穩定與交易人權益保護。 本研究期望透過0206事件之剖析，提供未來期貨市場法制改革及風險管理制度完善之參考，並促進我國期貨市場朝向更透明、穩健與公平之方向發展。

On February 6, 2018, Taiwan’s futures market experienced the so-called "0206 Options Massacre," triggered by a sharp decline in the U.S. stock market. The extreme market volatility led to a sudden surge in the prices of multiple out-of-the-money options, prompting futures commission merchants (FCMs) to initiate large-scale forced liquidations as a risk control measure. Consequently, many traders suffered substantial losses and defaults, leading to numerous lawsuits and raising legal controversies regarding the existing liquidation framework under extreme market conditions. This thesis centers on the 0206 incident, examining the legal nature of forced liquidation actions conducted by FCMs, the scope of their duty of care as prudent managers, and the delineation of liability. The study finds that the relationship between FCMs and futures traders constitutes a consignment contract, imposing on FCMs a duty of care as prudent managers, which includes obligations regarding client due diligence, information disclosure, and transaction execution. However, forced liquidation actions are regarded as financial regulatory provisions, rather than purely contractual obligations, leaving FCMs with no discretion once the stipulated conditions are met. Thus, traders must bear the consequences of liquidation when they fail to maintain margin requirements. Through a comparative study of the Chinese and Hong Kong futures markets, this thesis finds that both jurisdictions provide more explicit and detailed rules regarding forced liquidation conditions, execution processes, and emergency intervention standards. While Taiwan has established a basic regulatory framework, there remains significant room for improvement in terms of the legal hierarchy and emergency response mechanisms. This thesis recommends strengthening the legal foundation of forced liquidation rules, refining high-risk notification and margin call procedures, and enhancing liquidity management and transparency during extreme market conditions. Through a detailed analysis of the 0206 incident, this thesis aims to offer insights for future regulatory reforms and contribute to the development of a more transparent, stable, and fair futures market in Taiwan.