| Margin trading is a mature stock system , it has been widely adopted by many countries and regions, and it is an important stock transaction method, margin trading has some valid effects such as enhancing market liquidity,slowing down the market fluctuations,discovering the rational price,checking the risk by counteracting and so on。It is important for us to introduce the margin trading。In our country , since the history of the bond market is comparatively short, and the margin trading has risk in nature, our bond market has been built more than 10 years but for controlling the risk , maintaining the safety of our bond market and the stability of the financial market , our country always forbids margin trading .With the society developing the environment of legal institutions is unceasingly healthy, the bond market has been unceasing perfected, our country has the outside environment for margin trading. And with the development of our bond market, it is needed for the perfect bond market mechanism, the free flowing of the finance and the improving the market efficiency, so the margin trading is necessary for us. At last, in 2005, the law of security was enacted, the margin trading is permitting for first time in our country, then a series of bylaws were enacted, and the basic frame of margin trading was founded, but for it is a new legal system in our country ,there are many problems to solve, to fuse with other legal system, it is necessary to study the margin trading in present.This paper has 5 parts .In part 1 the author firstly introduces the beginning and the developing of the margin trading , then introduces the meaning of the margining trading ,at last the author analyses the possible risk and the effects of the margin trading.Part 2: Author discusses firstly the qualification of the margin trading, and analyzes the supervising relationship in the margin trading ,and at last the author discusses the measures to control the risk in the margin trading . The qualification system of the margin trading is the access system for the bond market , it sets up a threshold for the margin trading , from the beginning of the legal relationship the risk is controlled necessarily. The legal relationship of the margin trading is the commercial legal relationship, and this legal relationship is about the right and the duty between every method of the equal business bodies. The supervising of margin trading is to start with macro-regulation angle, it' s purpose is to provide a good environment for the whole market, to maintain the stability of the financial market, the purpose of the supervising on margin trading is for the whole society, and it is the nature of the supervising on margin trading.Part 3: In this part , we study several abroad mature markets of margin trading which are representative : American market of margin trading is developing by itself for the market demands, and it forms a set of integrate function mechanism by itself, then the law perfects it. Advanced legal system, the strict supervising means and the self—control of every method decide that the American margin trading law is the triune structure of the legislation, supervising and the self—controlling, compared with the Euramerican market, Japanese bond market is relatively young, it has consulted American legal system and it emphasizes to intervene the market operation by the governmental authority. Taiwan margin trading market inherites the mode of Japanese professional finance company, but have broken this mode , we can say that Taiwan margin trading market has monopolization and competition together .Part 4: Author firstly introduces the situation about development of the margin trading marker in our country , then analyzes the characters of the margin trading in the experimental stage of our country, at last author discusses the nature attribute of the margin trading law.Part 5: Author mainly discusses some problems on the margin trading law in the experimental stage of our country. Author firstly discusses the two new law relationship between the investors and the bond merchants , then discusses the problems of the gage ,at last author discuss other questions. |
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