| As a developed security transaction system,margin trading is adopted in security markets of many countries and districts.It is an important transaction method and has many positive functions,such as to improve market liquidity,to reduce the influence of market fluctuation,to find proper market price and to hedge.But because of its high leverage which will enlarge the influence when price changes,market risk is also enlarged.To regulate margin trading is necessary for a mature market.Author compares and analyzes regulation practices in America,in Japan and in Taiwan district.Differences and specialties of margin trading regulation in these three markets mainly appear in supervision system,entrance permission supervision,risk supervision and operation supervision.Based on the comparison and analysis,author gives advises on how to refer to relative system in other countries and districts and to establish China's own system which is proper for present conditions in China.This thesis contains six parts.Part one is a summarizing part on margin trading.Firstly, author introduces the conception of margin trading,the characters of margin trading and both positive function and negative function of margin trading.Secondly,author defines margin trading regulation,and points out legal relations between objects of regulation,which is the key point of the research.At last,author analyzes contents of margin trading regulation system briefly and concludes that this system should cover supervision system,entrance permission supervision,risk supervision and operation supervision.This part is logical starting point of the left five.Part two names comparisons on supervision system of margin trading in different markets.Supervision system contains two levels.The static one is about the organization of regulating subject,the dynamic one is about rules of subject's conduct.Supervision systems in America,in Japan and in Taiwan district are compared.Author concludes that the character in America is marketization,in Japan is professional and in Taiwan district is dual and professional.Part three is comparison on legal system of the market entrance supervision.Firstly author analyzes its conception and points out that it should have a higher stander than traditional security market.Both dealers and investors should be supervised.Then,author compares relative provisions in America,in Japan and in Taiwan district.Part four is comparison on legal system of the risk supervision of margin trading.Risk supervision contains risk controlling measures including guarantee proportion,cash ration, substitution ration,transaction amount limitation,transaction period and main monitoring to one stock.Regulations in America,in Japan and in Taiwan district are compared.Part five is comparison on legal system of the operation supervision of margin trading. This supervision contains choice of security qualification,market controlling when disorders and information disclosing when abused.Comparisons are still among American way, Japanese way and Taiwan way.Part six is called to reflection and perfection of margin trading regulation system in China.Author demonstrates present condition on China's supervision system,entrance permission supervision,risk supervision and operation supervision,and gives the advices of accomplishment. |
