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This paper is to research the critical issues of Securities and Futures Exchange Consolidation Act(:Act) with view point of futures market, to investigate the essential element of derivatives sector which would be consider at to design of consolidation exchanges establishment.
January 2004, it have promulgated the Act that KES, KOSDAQ, KOFEX should be integrated and the ownership of three exchange be move toward demutualization.
Recently, the establishment committee have been divided allocation ratio of merger assets, ie., KSE 82.0%, KOSDAQ 12.52%, KOFEX 4.16% respectively.
The critical issues of the Consolidation Act is inconclusive and insufficient of legist, especially the integrated exchange be to seem radical form which is disregard of the different function of each market. Therefore, the independence of futures market
would be threaten. It is clear that inherent function of futures market, as well as the function of risk transfer and price discovery would be weaken.
Consequently, it have necessarily to introduce exclusive device in order to remain autonomy of futures market which be separated from the allocation of merger equity, and the independent profit system is needed to remain of futures market autonomy.

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