The core vision behind the creation of a financial hub in Korea is to develop the financial sector as a new growth engine for the Korean economy. This strategy, if successfully realized, will attract more foreign financial intermediaries to Korea and stimulate the rapid internationalization of Korea's financial market. However, the potential instabilities that this strategy may cause make it extremely necessary to establish a sound risk management plan for the market. This study is motivated by the idea that development of Korea's derivative markets can satisfy this need. (The rest is omitted.)