2008年美国发生金融危机后,多年来一直保持下降趋势的韩国货币韩元与美元的汇率急速上扬。这使与商业银行签署金融衍生产品KIKO货币期权合同以对冲外汇风险的很多出口型中小企业蒙受了巨大的损失,也因此提起了一系列与签约方商业银行的诉讼。这些诉讼中最具代表性的是水产重工业的诉讼纠纷,此诉讼中一审与二审均判决水产重工业败诉。本文对KIKO判决的法律问题发表个人见解,并分析疑点。 After the U.S. financial crisis in 2008, the exchange rate of South Korean won against the U.S. dollar, which has been on a downward trend for many years, has risen sharply. This caused huge losses to many export-oriented SMEs that signed commercial contracts for derivatives of the KIKO currency option with the commercial banks to hedge their foreign exchange risk and therefore filed a series of litigation with commercial banks under the signatories. The most representative of these litigation is a litigation dispute in the heavy industry of aquatic products. Both the first instance and the second instance in this lawsuit have decided to lose the heavy industry. This article gives a personal opinion on the legal issues of KIKO judgment and analyzes the doubtful points.