| Securities margin trading as a credit mechanism for the introduction of spot transactions in the security transaction, almost simultaneously emerge with the birth of the securities market. This approach stems from transactions in commercial transaction, the operation mechanism and its special characteristics have a great attraction for investors in the securities market prosperity, and promoting capital flows play. It is known as mature markets lubricants. Credit is also based on special mechanism of securities transactions; such transactions will bring great benefits to the investors. At the same time it is accompanied by huge risks. Through learning from relevant countries and regions'stock market credit transaction risk control mechanisms, combining the relevant provisions of our country's securities margin trading system in experiental stage, I intend to give some modest proposals on our securities transactions legal system to control risks.The article is divided into three chapters:In the first chapter: The legal clairvoyance of securities margin trading. I turn first to the definition and character of securities margin trading. Securities margin trading is a credit to buy space for the operation of the securities and short selling of securities transaction type. Dealer credit which is granted to the investors in securities transactions is the core of this relationship. Securities margin trading's characters include capital negotiability, double credit nature, financal leval nature and the macro view adjust to contral nature, etc. Then I analyse the proceeds and risks of opening our country's securities credit transactions market. The proceeds of securities margin trading ate reflected on prospering the stock market, satisfying an investment need, forming fair price, etc. Meanwhile, securities margin trading will bring risks of different leval to stock market, investors and security corperations. These risks are related to margin trading of securities concomitant proceeds, risks and proceeds are ttwo different aspects of same thing. Finally I introduce the legal relationships of securities margin trading. There are three different legal relationships between securities dealers and investors, involving requset legal relationship, debit and credit legal relationship and guarantee legal relationship. The contents of these legal relationship are refelected on the securities margin trading contract. In addition, processing the rights and interests is an unavoided problem in securities margin trading affires, it is also a balance between the securities creditors and borrowers. Hoping that through the clairvoyance of securities margin trading legal relationship, it can be a solid basis on devising the following systems and regulations.Chapter two: Risk control models of main countries and regions. In this chapter, I introduce securities transactions credit risk control models of The United States, Japan and China's Taiwan region. US securities transactions credit risk control system is highly market-oriented. It has a system in which legislative regulatory and self-discipline are mutually integrated. On the legislative front, the United States the 1933 Securities Law and the1934 Securities and Exchange Law built a basis to the Federal Reserve Board authority to develop rules for securities margin trading and securities regulatory. In the context of self-regulation, American Stock Exchange and the Securities Association of the company also developed a series of rules from their own perspective to restrain dealers'acts. Japan and China's Taiwan region securities transactions credit risk management model have a common feature that is to estabish a special agencies to expand the financial securities companies. Securities Corporation IFC is the credit granted, a securities company-funded vouchers to finance sources, as well as margin trading risk securities regulatory bodies. Japan Securities Finance Corporation led a semi-official of the government monopoly nature. In risk control, legal control of the Japanese securities margin trading includes: the cognizance of trading qualifition, the supervision and management of bond and publicity and direction of trading information.Taiwan region of China securities financial companies burden the role of awarding the credit to both securities companies and common investors, forming a"two-track"pattern.Chapter three: Building Chinese securities margin trading risk legal control system. In this article, I point out that the barycenter of securities margin trading risk prevention is to consummate the frame of supervion and management, the core of risk prevention is legal control measures of securities margin trading. Our country's securities market ought to form four-rank supervision and management system: the central supervision of China Securities Regulatory Commission(CSRC), Stock Exchange's front inspection and the self-discipline management of the Securities Association of China(SAC) and securities companies. Finally, this chapter is divided into six parts, respectively, elaborated on introducing the legal control measures of securities margin trading risk. In the first part, I expound securities margin trading qualifications, including: cognizance on the eligibility of investors, start-up financing to dealer's keen business eligibility and securities transactions as credit eligibility. In the second part, I make a comprehensive presentation of credit accounts management. I distinguish the credit accounts and cash accounts and introduce the principle of accounts separation prevent dealers from embezzling investors cash and securities.In the third part, I discuss bond system.Margin may be in the form of cash or securities. Margin ratio includes minimum margin and maintenance margin ratio and the rate. In the fourth part, I analysis the scale contral system of securities margin trading. It contains two sides, securities companies'managements to investors credit scale and credit scale managements of per security. In the fifth part, I make a simple introduction of securities deposit in securities margin trading. Securities dealers ought to open the special securities accounts in the debit securities transations and investors'guarantee securities accounts, which are used to liquidate and complete transations of securities. In the sixth part, I suggest that Chinese securities companies be financed on the establishment of model of Japan and China's Taiwan region, setting up the specialized financial securities companies, which can provide stable and credible cash and securities to securities margin trading. At the same time, I make some suggestions on further establishing and consummating risk control system, combining the CSRC's regulation and transation rules which are newly promulgated.In this concluding part, I sum up the securities margin trading, advance to construct risk prevention legal system with our coutry's characteristic on the basis of consulting relevant countries and regions'practice experiences in securities margin trading. |
