{"id":45388,"date":"2025-11-14T16:33:57","date_gmt":"2025-11-14T07:33:57","guid":{"rendered":"https:\/\/www.sanctionlab.com\/?p=45388"},"modified":"2025-11-17T09:56:17","modified_gmt":"2025-11-17T00:56:17","slug":"%eb%b9%8c%eb%a6%ac%ec%96%b8%ed%8f%b4%eb%93%9c%ea%b0%80-%ed%95%b4%ec%86%8c%ed%95%9c-%eb%8c%80%ea%b7%9c%eb%aa%a8-sma-%ea%b3%84%ec%95%bd-%ea%b3%bc%ec%84%b8-%ec%9d%b4%ec%8a%88","status":"publish","type":"post","link":"https:\/\/www.sanctionlab.com\/?p=45388","title":{"rendered":"\ube4c\ub9ac\uc5b8\ud3f4\ub4dc\uac00 \ud574\uc18c\ud55c \ub300\uaddc\ubaa8 SMA \uacc4\uc57d &#8216;\uacfc\uc138 \uc774\uc288&#8217;"},"content":{"rendered":"<h3>|\u2462\uae40\uc564\uc7a5, \uad6d\uc138\uccad \uc720\uad8c\ud574\uc11d \ud655\ubcf4\uc5d0 6\uac1c\uc6d4 \uc18c\uc694\u2026Offshore SMA\uc758 TRS \uac70\ub798 \ubaa8\ud638\uc131\uc774 \ud575\uc2ec<\/h3>\n<p>\ud574\uc678\uae30\uad00\uacfc \uad6d\ub0b4 \uc6b4\uc6a9\uc0ac\uac00 \ub300\uaddc\ubaa8 SMA(Separately Managed Accounts)\uacc4\uc57d\uc744 \uccb4\uacb0\ud558\ub294 \ub370 \uac78\ub9bc\ub3cc\ub85c \uce58\ubd80\ub41c \ubd80\ubd84\uc774 \uc788\ub2e4. \ubc14\ub85c \ubc30\ub2f9\uc18c\ub4dd\uc138 \ub4f1\uc5d0 \ub300\ud55c \uc6d0\ucc9c\uc9d5\uc218 \uc5ec\ubd80\uc640 \uac19\uc740 \uacfc\uc138 \uc774\uc288\ub2e4. \ubc00\ub808\ub2c8\uc5c4\ub9e4\ub2c8\uc9c0\uba3c\ud2b8\ub294 \uae40\uc564\uc7a5\uc744 \uc120\uc784\ud574 6\uac1c\uc6d4\uc5ec\uac04 \ud574\ub2f9 \uc774\uc288\ub97c \ud574\uc18c\ud558\ub294 \ub370 \ud798\uc37c\ub2e4. \ud575\uc2ec\uc740 SMA \uc790\uccb4\ubcf4\ub2e4 \uad6d\uc678\uc5d0 \uacc4\uc88c\ub97c \ub454 \uc678\uad6d\uc778\uc758 TRS(Total Return Swap) \uac70\ub798\uc5d0 \ub300\ud55c \uac83\uc73c\ub85c \uadf8\uac04 \ub17c\ub780\uc774 \ub41c \uaddc\uc815 \uadf8\ub808\uc774\uc874\uc744 \uc798 \ud30c\uace0\ub4e4\uc5c8\ub2e4\ub294 \ud3c9\uac00\ub97c \ubc1b\uace0 \uc788\ub2e4.<\/p>\n<p>14\uc77c \uae08\uc735\ud22c\uc790\uc5c5\uacc4\uc5d0 \ub530\ub974\uba74 \ubc00\ub808\ub2c8\uc5c4\ub9e4\ub2c8\uc9c0\uba3c\ud2b8\uc640 \ube4c\ub9ac\uc5b8\ud3f4\ub4dc\uc790\uc0b0\uc6b4\uc6a9\uc740 SMA \uacc4\uc57d \uc804 \uad6d\uc138\uccad \uc720\uad8c\ud574\uc11d\uc744 \ubc1b\uc558\ub2e4. \uae30\ud68d\uc7ac\uc815\ubd80\uac00 \uacc4\uc88c\uc5d0\uc11c \ubc1c\uc0dd\ud558\ub294 \uc18c\ub4dd\uc758 \uad6d\ub0b4 \uc6d0\ucc9c\uc9d5\uc218 \uc5ec\ubd80\uc640 \uad00\ub828\ud574 \uad6d\uc138\uccad \uc720\uad8c\ud574\uc11d\uc774 \ud544\uc694\ud558\ub2e4\uace0 \uc0ac\uc804 \uc694\uad6c\ud588\uae30 \ub54c\ubb38\uc73c\ub85c \uc804\ud574\uc9c4\ub2e4.<\/p>\n<p>\uc591\uc0ac\uc758 \uacc4\uc57d \uc131\uc0ac \ud6c4 \uc2e4\uc81c \uc6b4\uc6a9\uc744 \uc2e4\ud589\ud558\uae30\uae4c\uc9c0 \uc2dc\uc77c\uc774 \uc18c\uc694\ub41c \uac8c \uc774 \ubb38\uc81c \ub54c\ubb38\uc73c\ub85c \ud30c\uc545\ub41c\ub2e4. \ubc00\ub808\ub2c8\uc5c4\ub9e4\ub2c8\uc9c0\uba3c\ud2b8\uc640 \ube4c\ub9ac\uc5b8\ud3f4\ub4dc\uc790\uc0b0\uc6b4\uc6a9\uac04 \uacc4\uc57d \uc758\uc0ac\uac00 \ud655\uc778\ub41c \uac83\uc740 \uc62c\ud574 \ucd08\uc774\uc9c0\ub9cc, \uc138\uae08 \uc774\uc288\ub97c \ud574\uc18c\ud558\ub294 \ub370 6\uac1c\uc6d4\uc5ec \uc2dc\uac04\uc774 \uc18c\uc694\ub418\uba74\uc11c \uc9c0\ub09c 9\uc6d4\uc774 \ub3fc\uc11c\uc57c \uc81c\ubc18 \uc5ec\uac74\uc744 \uac16\ucd94\uace0 \uc6b4\uc6a9\uc744 \uc2dc\uc791\ud588\ub2e4. \ubc00\ub808\ub2c8\uc5c4\ub9e4\ub2c8\uc9c0\uba3c\ud2b8\ub294 \uae40\uc564\uc7a5\uc744 \ubc95\ub960\uc790\ubb38\uc0ac\ub85c \uc120\uc784\ud588\uace0 \uad6d\uc138\uccad \ub300\uc751\uc740 \ubaa8\ub450 \ud574\ub2f9 \ub85c\ud38c\uc774 \ub3c4\ub9e1\uc558\ub2e4.<\/p>\n<p>\ud574\uc678\uae30\uad00\uc758 SMA \uacc4\uc57d\uc5d0\ub294 \ud06c\uac8c \ubcf4\uba74 \ub450 \uac00\uc9c0 \ud615\ud0dc\uac00 \uc788\ub2e4. \ud22c\uc790 \uc8fc\uccb4\uac00 \uad6d\ub0b4 \uc99d\uad8c\uc0ac\uc5d0 \uacc4\uc88c\ub97c \uac1c\uc124\ud558\uace0 \uc6b4\uc6a9\uc0ac\uac00 \ub9e4\ub9e4\uc9c0\uc2dc\ub97c \ub0b4\ub9ac\ub294 \uc720\ud615(Onshore SMA)\uc774\ub2e4. \ub610\ub2e4\ub978 \ud558\ub098\ub294 \uacc4\uc88c \uc790\uccb4\ub97c \ud574\uc678\uc5d0 \ub450\ub294 \ud615\ud0dc(Offshore SMA)\ub2e4. \ubc00\ub808\ub2c8\uc5c4\ub9e4\ub2c8\uc9c0\uba3c\ud2b8\ub97c \ud3ec\ud568\ud55c \ub300\ubd80\ubd84\uc758 \uae30\uad00\uc740 Offshore SMA \ud615\ud0dc\ub97c \uc120\ud638\ud558\uace0 \ud574\uc678 PBS(\ud504\ub77c\uc784\ube0c\ub85c\ucee4\ub9ac\uc9c0\uc11c\ube44\uc2a4)\ub97c TRS \ub9e4\ub3c4\uc790\ub85c \uc9c0\uc815\ud574 \uac70\ub798\ud558\uace0 \uc788\ub2e4.<\/p>\n<p>\uc5b4\ub290 \ud615\ud0dc\ub85c \uacc4\uc57d\uc744 \ub9fa\uc744\uc9c0\ub294 \uae30\uad00\uc758 \uc870\uc138\ubbfc\uac10\ub3c4\uc5d0 \ub530\ub77c \ub2e4\ub974\ub2e4. Offshore SMA\ub97c \uc120\ud0dd\ud558\ub294 \ucabd\uc740 \uc790\uad6d \ub0b4 \ud574\uc678\uc8fc\uc2dd \ubc30\ub2f9\uc18c\ub4dd\uc138 \ub4f1 \uaddc\uc815\uc5d0 \ubbfc\uac10\ud558\uae30\uc5d0 \ucf00\uc774\ub9cc \ub4f1 \uc870\uc138\uc6b0\ub300\uc9c0\uc5ed\uc5d0 \uacc4\uc88c\ub97c \ub450\ub294 \uac83\uc73c\ub85c \ud30c\uc545\ub41c\ub2e4. \ubc18\ub300\ub85c \ub178\ub974\uc6e8\uc774 \uad6d\ubd80\ud380\ub4dc, \uc544\ubd80\ub2e4\ube44 \uad6d\ubd80\ud380\ub4dc\ub294 \uc790\uad6d \ub0b4 \uacfc\uc138\uc774\uc288\uc5d0 \ubbfc\uac10\ud558\uac8c \uc5bd\ud600\uc788\uc9c0 \uc54a\uae30\uc5d0 \uad6d\ub0b4 \uc99d\uad8c\uc0ac\uc5d0 \uacc4\uc88c\ub97c \uac1c\uc124\ud558\uace0 \ucffc\ub4dc\uc790\uc0b0\uc6b4\uc6a9\uacfc VIP\uc790\uc0b0\uc6b4\uc6a9\uc5d0 \uac01\uac01 \ud22c\uc790 \uc911\uc774\ub2e4.<\/p>\n<figure id=\"attachment_45390\" aria-describedby=\"caption-attachment-45390\" style=\"width: 640px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-45390\" src=\"https:\/\/www.sanctionlab.com\/wp-content\/uploads\/2025\/11\/20251114161208920_n.jpg\" alt=\"\" width=\"640\" height=\"246\" srcset=\"https:\/\/www.sanctionlab.com\/wp-content\/uploads\/2025\/11\/20251114161208920_n.jpg 640w, https:\/\/www.sanctionlab.com\/wp-content\/uploads\/2025\/11\/20251114161208920_n-300x115.jpg 300w, https:\/\/www.sanctionlab.com\/wp-content\/uploads\/2025\/11\/20251114161208920_n-150x58.jpg 150w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><figcaption id=\"caption-attachment-45390\" class=\"wp-caption-text\">TRS \uacc4\uc57d \uac70\ub798\uad6c\uc870\ub3c4<\/figcaption><\/figure>\n<p>\uc989 \uacfc\uc138\ub2f9\uad6d\uc774 \uc9d1\uc911\ud55c \ubd80\ubd84\uc740 SMA \uc790\uccb4\uac00 \uc544\ub2cc Offshore SMA \uacc4\uc57d\uc5d0 \ub530\ub978 \uc678\uad6d\uc778\uc758 TRS \uac70\ub798\uc5d0 \uc788\ub2e4. \uc678\uad6d\uc778\uc774 \uad6d\ub0b4\uc8fc\uc2dd\uc744 \uc9c1\uc811 \ud22c\uc790\ud574 \uc18c\uc720\ud558\ub294 \uac8c \uc544\ub2cc TRS\ub97c \ud65c\uc6a9\ud560 \uacbd\uc6b0, \ud22c\uc790\uc790 \ubc1b\ub294 \uac83\uc740 \ubc95\uc801\uc73c\ub85c \uc8fc\uc2dd\ubc30\ub2f9\uae08\uc774 \uc544\ub2cc PBS\uc640\uc758 \uacc4\uc57d\uc5d0 \ub530\ub978 \uc815\uc0b0 \uc774\uc775(Swap Payment)\uc774\ub2e4. \uc774\uc5d0 \ub2f9\uad6d\uc774 \uc6d0\ucc9c\uc9d5\uc218 \uc758\ubb34\uc790\ub97c \uc9c0\uc815\ud558\uae30\uac00 \uc5b4\ub824\uc6cc\uc9c0\uba74\uc11c \ud574\uc678 \ud22c\uc790\uc790\uc758 \uc870\uc138 \ud68c\ud53c \uc774\uc288\uac00 \ubc1c\uc0dd\ud558\ub294 \uad6c\uc870\ub2e4.<\/p>\n<p>\ud574\uc678\ubc95\uc778\uc758 \uad6d\ub0b4\uc8fc\uc2dd TRS \uac70\ub798\ub294 \uacfc\uac70\uc5d0\ub3c4 \ud55c \ucc28\ub840 \ub17c\ub780\uc774 \ub41c \ubc14 \uc788\ub2e4. 2016\ub144 \uc5d8\ub9ac\uc5c7\ub9e4\ub2c8\uc9c0\uba3c\ud2b8\uac00 \uc0bc\uc131\ubb3c\uc0b0 \uc8fc\uc2dd\uc744 TRS\ub85c \ubcf4\uc720\ud558\ub2e4\uac00 \uc8fc\uc8fc \ud589\ub3d9\uc8fc\uc758\uc5d0 \ub098\uc11c\uae30 \uc704\ud574 \ud604\ubb3c\ud654\ud558\uba74\uc11c \uac11\uc791\uc2a4\ub7fd\uac8c \uc8fc\uc694 \uc8fc\uc8fc\ub85c \ub4f1\uc7a5\ud558\uba74\uc11c\ub2e4. \uc774 \ub54c \uc0bc\uc131\ubb3c\uc0b0\uc774 TRS \ud615\ud0dc \uc678\uad6d\uc778\uc758 \uc8fc\uc2dd\ubcf4\uc720\uc5d0\ub294 \uacf5\uc2dc \uc758\ubb34 \ub300\uc0c1\uc5d0\uc11c \ub204\ub77d\ub418\ub294 \ub4f1 \ubb38\uc81c\uac00 \uc788\ub2e4\ub294 \uc810\uc744 \uc81c\uae30\ud558\uba74\uc11c \uc678\uc778\uc758 TRS \uac70\ub798\uac00 \uad11\ubc94\uc704\ud558\uac8c \uc8fc\ubaa9\uc744 \ubc1b\uc558\ub2e4.<\/p>\n<p>\ub2e4\ub9cc \uacfc\uc138\uc5d0 \uad00\ud574\uc120 \ubc95\ub960\uc801 \ud310\ub2e8\uc774 \uba85\ud655\ud788 \ub0b4\ub824\uc9c0\uc9c0 \uc54a\uc544 \uadf8\ub808\uc774\uc874\uc73c\ub85c \ub0a8\uc558\ub2e4. \uc9c0\ub09c 2020\ub144 \uad6d\uc138\uccad\uc740 \ud574\uc678\ubc95\uc778\uc774 \uad6d\ub0b4 \uc99d\uad8c\uc0ac\uc640 TRS \uac70\ub798\ub97c \ud1b5\ud574 \ubc1c\uc0dd\ud55c \uc18c\ub4dd\uc5d0 \ub300\ud574 \uc2e4\uc9c8\uacfc\uc138\ub97c \uc801\uc6a9, \uad6d\ub0b4 \uc99d\uad8c\uc0ac\ub97c \uc6d0\ucc9c\uc9d5\uc218 \uc758\ubb34\uc790\ub85c \uc9c0\uc815\ud574 4\ub144\uac04 \uc57d 1000\uc5b5\uc6d0\uc5d0 \ub2ec\ud558\ub294 \ubc30\ub2f9\uc18c\ub4dd\uc138\ub97c \uacfc\uc138\ud588\ub2e4. \uc774\uc5d0 \ub300\ud574 \uc99d\uad8c\uc0ac\ub4e4\uc774 \ud589\uc815\uc2ec\ud310\uc744 \uccad\uad6c\ud588\ub294\ub370 \uc870\uc138\uc2ec\ud310\uc6d0\uc740 TRS\uc758 \uc870\uc138\ud68c\ud53c \uc758\ub3c4\ub97c \uc778\uc815\ud558\uc9c0 \uc54a\uc558\ub2e4.<\/p>\n<p>\ubc00\ub808\ub2c8\uc5c4\ub9e4\ub2c8\uc9c0\uba3c\ud2b8\uac00 \uc720\uad8c\ud574\uc11d\uc744 \ud655\ubcf4\ud568\uc5d0 \ub530\ub77c Offshore SMA \uac70\ub798\ub294 \uc55e\uc73c\ub85c \uad6d\ub0b4\uc5d0\uc11c \ube48\ubc88\ud558\uac8c \uc77c\uc5b4\ub0a0 \uac83\uc73c\ub85c \ubcf4\uc778\ub2e4. \ud55c \uc99d\uad8c\uc0ac \uad00\uacc4\uc790\ub294 \u201c\ubc00\ub808\ub2c8\uc5c4\ub9e4\ub2c8\uc9c0\uba3c\ud2b8\ub294 \uc8fc\ub85c \ud504\ub77c\uc784\ube0c\ub85c\ucee4 \ubc14\ud074\ub808\uc774\uc988\uc640 ISDA \uae30\ubc18 \uacc4\uc57d\uc744 \ub9fa\uace0 TRS\ub85c \ucc28\uc775\uacb0\uc81c \uac70\ub798\ub97c \ud558\ub294\ub370 10\ubc30\uc758 \ub808\ubc84\ub9ac\uc9c0\ub97c \uc77c\uc73c\ud0ac \uc218 \uc788\ub2e4\u201d\uba70 \u201c\uad6d\uc678\ub85c \ud558\ub4dc\uce90\uc2dc\uac00 \uc624\uac00\uc9c0 \uc54a\uc73c\uba74\uc11c \uc790\uae08\uc744 \uc6b4\uc6a9\ud560 \uc218 \uc788\ub294 \uac74 \uc774 \ubc29\uc2dd \ubfd0\u201d\uc774\ub77c\uace0 \ub9d0\ud588\ub2e4.<\/p>\n<p>\/ \uad6c\ud61c\ub9b0 \ub354\ubca8 \uae30\uc790<\/p>\n","protected":false},"excerpt":{"rendered":"<p>|\u2462\uae40\uc564\uc7a5, \uad6d\uc138\uccad \uc720\uad8c\ud574\uc11d \ud655\ubcf4\uc5d0 6\uac1c\uc6d4 \uc18c\uc694\u2026Offshore SMA\uc758 TRS \uac70\ub798 \ubaa8\ud638\uc131\uc774 \ud575\uc2ec \ud574\uc678\uae30\uad00\uacfc \uad6d\ub0b4 \uc6b4\uc6a9\uc0ac\uac00 \ub300\uaddc\ubaa8 SMA(Separately Managed Accounts)\uacc4\uc57d\uc744 \uccb4\uacb0\ud558\ub294 \ub370 \uac78\ub9bc\ub3cc\ub85c \uce58\ubd80\ub41c \ubd80\ubd84\uc774 \uc788\ub2e4. \ubc14\ub85c \ubc30\ub2f9\uc18c\ub4dd\uc138 \ub4f1\uc5d0 \ub300\ud55c \uc6d0\ucc9c\uc9d5\uc218 \uc5ec\ubd80\uc640 \uac19\uc740 \uacfc\uc138 \uc774\uc288\ub2e4. \ubc00\ub808\ub2c8\uc5c4\ub9e4\ub2c8\uc9c0\uba3c\ud2b8\ub294 \uae40\uc564\uc7a5\uc744 \uc120\uc784\ud574 6\uac1c\uc6d4\uc5ec\uac04 \ud574\ub2f9 \uc774\uc288\ub97c \ud574\uc18c\ud558\ub294 \ub370 \ud798\uc37c\ub2e4. \ud575\uc2ec\uc740 SMA \uc790\uccb4\ubcf4\ub2e4 \uad6d\uc678\uc5d0 \uacc4\uc88c\ub97c \ub454 \uc678\uad6d\uc778\uc758 TRS(Total Return Swap) \uac70\ub798\uc5d0 \ub300\ud55c \uac83\uc73c\ub85c [&hellip;]<\/p>\n","protected":false},"author":44,"featured_media":45390,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[922,8,611],"tags":[6477,8055,8054,8056],"class_list":{"0":"post-45388","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-thebell","8":"category-compliance","9":"category-korea","10":"tag-vip","11":"tag-8055","12":"tag-8054","13":"tag-8056"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>\ube4c\ub9ac\uc5b8\ud3f4\ub4dc\uac00 \ud574\uc18c\ud55c \ub300\uaddc\ubaa8 SMA \uacc4\uc57d &#039;\uacfc\uc138 \uc774\uc288&#039; SanctionLab<\/title>\n<meta name=\"description\" content=\"\ud574\uc678\uae30\uad00\uacfc \uad6d\ub0b4 \uc6b4\uc6a9\uc0ac\uac00 \ub300\uaddc\ubaa8 SMA(Separately Managed Accounts)\uacc4\uc57d\uc744 \uccb4\uacb0\ud558\ub294 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