An Analysis Of China's Securities Registration & Settlement System, As Well As Its Impact

The Securities Registration&Settlement System,which is a key factor in the operation of the securities market, interacts with the securities transaction,the two comprising two indispensable sections in the running of the securities transactions.The maturity level of the Securities Registration&Settlement System can effect the operation of securities market to a great extent. In this sense, it not only is a significant element in supervising the securities market, but also influences the functioning efficiency, risk supervision and control of the securities market.The article analyzes the historical development and the present situation of China's Securities Registration&Settlement System, and it makes a comparison between the domestic one and the prevailing international settlement system, thus clarifying the general development trend of the present registration and settlement system. Based on such an analysis, it further states the contracting effect and significance of China'spresent Securities Registration & Settlement System on the three aspects of the securities market, namely its supervision and management, its efficiency and the risk it faces. Thus, this article draws a conclusion as follows: It is advisable that the past pratice of establishing the settlement system only out of technical consideration be abolished, that an additional effort is necessary as to legitimize and normalize the building of Securities Registration&Settlement System, which can endure various tests and develop towards maturity.