| The china securities law revised at 2005 has lifted the ban of margin trading in legal Consideration. CSIC and stock exchange both issue related regulations according to the authority and the basic legal system of margin trading has been built. This article tries to make a legal analysis to the actual risk control of margin trading, combining with foreign legislation and practice, and puts forward related suggestions, hoping that it will contribute to the improvement of our risk control of margin trading.The whole dissertation is composed of 3 chapters. It discusses according to the logical frame of the definition of the system and the analysis of risk, the compare of risk control, the effective realization of risk control, unscrambles the constitution of actual risk control, and gives my own suggestions referring to comparison of countries'.Chapter 1 introduces the general theory of margin trading and its risk. This chapter analyses the basic legal theory of margin trading, explains the connotation and extension of system, and expounds the function and risk of margin trading.Chapter 2 explicates familiar modes and measures of margin trading. This chapter emphasizes the market mode in America, the professional mode in Japan, the middle mode in china Taiwan. It makes a contrast analysis to their legal regulatory systems and main rules.Chapter 3 makes detailed the actual risk control of china margin trading. As the core of the dissertation, this chapter expounds from the guaranty trust element of margin trade, points that the significance and complication of risk control. This article holds that we should differentiate the trust grant modes. The Financing should apply to the market trust grant mode because of the requirement and trend of national finance development, the Securities Lending should apply to the mode of trust grant with securities registration and balance institute after comparing the status of securities finance company in Japan and china Taiwan. The securities finance company is not fully with the recent development of capital and securities market and blocks the development of Securities Lending. About the particular measures of control, this dissertation discusses the particular system of deposit, the social credit system and the special securities keeping, gives the suggestions about the scale of related-person, the fee of third party's keeping. In the end, this dissertation believes that the basic start of risk control is the sensitive participation of investors'. |
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