The Margin Guarantee Mechanism And The Enlightenment To Our Country

Margin financing business development marks the establishment of shorting mechanism of Chinese capital market, which not only increased the liquidity of the market, and conducive to the smooth running of the market. Margin guarantee system in China are in conflict with other existing legal system, since the margin regulations promulgated, there has been a lot of legal difficulties and obstacles in practice. As the core of the system margin,how to properly solve the problem of guarantee mechanisms became academics and practitioners focus of discussion.In the1930s, United States established a perfect system of margin trading, the development in the long evolution constantly make it become mature and scientific, able to provide reference for the establishment and improvement to our margin guarantee system.This paper first analyzes the U.S. credit model of margin trading, the subject of legal relationship, margin collateral management, the essence of the United States guarantees margin;expounds U.S. margin characteristics guarantee mechanism, the United States<Uniform Commercial Code>legal support for security mechanisms and the advantage of the U.S. margin guarantee system, etc.<the Securities Exchange Act of1934>,<1996National Securities Market Promotion Law> and the three regulations (U, X, T), build the U.S. legal basis for margin trading, and design margin guarantee system with the mortgage.When the transferring guarantee conflict with the numerus clausus principle. the mortgage have the legal support by America<Uniform Commercial Code>.<Uniform Commercial Code> Ⅸ--estate secured transactions law unified the form of guarantee with "guarantee contract". standardized the real right of pledge with security interests. break through the barriers of numerus clausus principle with freedom of contract as the core principle. American margin guarantee system has such advantages:flexible and more suitable for margin trading, reasonable safeguard the interests of the securities companies, protect the lawful rights and interests of investors effectively. etc. At present, there exist many difficulties in our margin trading:the design of margin guarantee mechanism itself exist serious defects, the margin trading conflict with the trust regulations and the transferring guarantee system and conflict with the current guarantee law. China should learn from the successful experience of the United States to resolve these legal dilemma:reference to the supervision mechanism and credit model of American; Establish the Transferring guarantee system to promote the development of our country margin; formulate special law to solve the problem of conflict transferring guarantee system and our current guarantee law.