Electronic Contracting in Online Stock Trading

Who will be the third party registry, the government or private industry? The CA in Japan is established by the Japanese government. And even in US, EFT (Electronic Fund Transfer) which is a method for transferring money automatically by computer during e-commerce transactions is run by the Automated Clearing House which is closely associated with the Federal Reserve Bank of US (Lieberman, 1997). Thus we propose that the third party registry should be the government, especially for South Korea where a few conglomerates take up most of businesses. In South Korea, people’s trust in those big businesses is much lower than in the government particularly since the economic turmoil of 1997. When the most important thing while doing e-commerce is trust, the government of South Korea is more trustable than private industry. Thus in South Korea where the whole IT infrastructure building was a government project, it would be more beneficial to have a government agency that functions as the third party registry of all e-contracts in cyberspace in Korea.