| Margin trading means that security companies lending money to customers for them to buy securities or lending securities to customers for sale, and customers deposit some items to the security companies for security. Margin trading is a credit transaction, when the customer breach the agreement between them and the security company and do not pay back the money or the security they have borrowed from the security company in margin transactions, the security company ,as a creditor who gives credit to customers will face great risk. Mean while, because the great relevance of the stock market, the risk that security companies suffered will passed on to the whole security market. So, in margin transactions, the control of credit risk of customer is very important. As a system that pays important role in risk control, guarantee has been adopted by margin trading system in many countries and regions.Because of the high risk, margin trading need an efficient and convenient guarantee system that in line with its requirements. But China's current guarantee legal system can not meet the requirements of margin trading, and can not establish suitable security relations.According to the choice and inspection of margin transaction security system in many countries and regions, transferring guarantee provide a double guarantee for the claims by combining the transfer of ownership and the set of security.From 1 August, 2006 on, China's legislation allows the introduction of the transferring guarantee system which was accused of too much to protect the interests of creditors, security companies. There are two main problems in the introduction of the transferring guarantee: first, transferring guarantee use the specific functionality of the trust system, but do not follow the basic principles of trust, so there are defects in Validity. Second, China's current civil law have no provisions of transferring guarantee, so the introduction of the transferring guarantee system is a violation of the law.Based on the analysis of financing structure of the margin trading, the analysis of the legal relationship of the security in the margin trading, this article will do some research in the necessity and the importance of introducing the transferring guarantee to China's margin trading system. At the same time, this article will answer some questions on the validity of the transferring guarantee and will discuss the feasibility of the transferring guarantee system in China's legal environment, through the research of the experience of other countries in establishing the transferring guarantee system.This paper has 5 parts. In part 1, the author outlines the margin trading. This part focuses on the description of the conception and features in order to definite the difference between the margin trading and other securities.In part 2, the author discusses the rules and the legal structure of the margin trading. And this part is the bases of this paper, the discussion of other relevant questions are all based on this part.In part 3, the author introduces the risk in margin trading, and introduces the methods to control risk. Firstly, the author discusses the important effect on margin trading of guarantee system. Secondly, the author introduces the choices of guarantee system other counties in margin trading. Thirdly, the author introduces the classifications of the guarantee system and introduces the unique advantages of transferring guarantee system, and comes to the conclusion that transferring guarantee system fully meets the requests of margin trading.In part 4, the author discusses the defects of China's current guarantee legal system ,and comes to the conclusion that China's current guarantee legal system do not meet the requests of margin trading.In part 5, the author answer some questions on the validity of the transferring guarantee and will discuss the feasibility of the transferring guarantee system in China's legal environment.
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