This study examines the fairness in financial transactions of KIKOs (Knock-In and Knock-Outs), an exotic foreign-exchange derivative that resulted in substantial losses to small-and-medium Korean firms in the tradable goods sector. Unlike the tradable goods, the complicated financial products including foreign-exchange derivatives need to be considered their transactional fairness based upon financial validity. With the alignment check between the objectives and the product structures, three criteria for financial validity - the avoidance of systemic crises, the solvability to informational externalities, and the reduction of gambling - should be considered before and after the launch of financial products.