| As the core of the legal system of futures exchange, the legal system of margin is an important component of risk control system of futures exchange. And it has an important role among futures exchange laws and regulations. But margin is not clearly defined by the domestic and international legislation currently. Due to differences in each country futures exchange with regard to its level of development, its legislation mechanism and the differences of rules made by each futures exchange center, the thorough research on the legal system of margin is difficult. As the capital by a futures trader submitted in accordance with certain futures exchange rules for the purpose of settlement and performance guarantee, margin is attached to a futures transaction from the beginning to the end. Margin is essential to the determination of legal relationships among different futures transaction parties. Because the domestic futures legislation lags behind, the nature of the margin has been no conclusion .The ambiguity of the legislation lead to differences on the legal nature of the margin. The phenomena that margins deposited by customers are misappropriated or mixed by futures companies exist in futures exchange broadly. The goal of researching the legal system of margin is to clarify its legal nature, solve the typical issues such as mix-use, overdraw, embezzlement which are prevalent in the margin management, and, further, to improve Chinese margin requirement system, to establish special governmental regulatory agency, to grant more power to the futures transaction self-regulatory organizations, and to establish an oversee system participated by multiple parties.This article is divided into 5 parts, which are introduction, summary of the legal system of margin, review of the legal nature of margin, the dispute and liability of margin, the regulatory system of margin.In the introduction part, the writer briefly explains the reason why choosing the thesis as the research direction and the general writing thinking. Section 1, it researches summary of the legal system of margin. This part firstly defines margin. Then it reviews its historical development.Finally, it presents that the legal system of margin has some problems on the legal nature, the dispute and liability, the enforcement and the regulatory system.Section 2, it researches review of the legal nature of margin. The part firstly presents that the legislation of the legal nature of China's margin is blank. Then it generalizes the representative theory with regard to the legal nature of margin. Finally the writer analyses each theory and proposes his view that margin is a special form of security.Section 3, it researches the dispute and liability of margin. The part firstly summarizes the common margin disputes in practice and analyses the legal liability between the main of the exchange. In the cases of futures disputes in the trial, the margins are often the focus of controversy. When the futures companies or the Futures Exchanges as the debtor in the disputes, whether can enforce margin exists disputes.Section 4, it researches the regulatory system of margin. The part firstly analyses the advantages to the margin regulatory system of the developed countries. Then it reviews our current margin regulatory system and points out its deficiencies. Finally presents advices to improve Chinese regulatory system of margin on the basis of using foreign advanced experience for reference. |
