Research On China's Securities Market Infrastructure Development

This article is divided into the following sections: First, the customer funds depository mode research. This paper analyzes the basic characteristics of the depository mode of customer funds, and problems of client funds depository mode, simultaneous analysis of the successful experience of overseas securities market customer funds depository mode, the last of client funds depository mode improvement advice.Include:(1) China’s securities market is a third-party depository mode, client fundsand securities intermediaries still bears custody of client funds obligations and responsibilities, and the introduction of commercial bank supervision mechanism, which is based on the protection of the safety of customer funds and maintain market efficiency weigh under selection.(2) the major stock markets outside of client funds depository mode, securities intermediaries custody, third party custody and mixed Depository three categories. Securities intermediaries depository mode is the development direction of client funds depository mode, client funds depository mode is to seek a balance between financial security and market efficiency.(3) our current customer funds third party custody patterns development is restricted securities intermediaries margin exhibition business development affected, increasing the systemic risk ofthe securities market, there are many adverse effects of long-term, stable development of the securities market.The second is Securities depository mode research. This paper analyzes the basic characteristics of the securities depository mode, and problems China’s securitiesdepository mode, while analysis of offshore securities market and the successful experience of the depository mode, last for our securities depositories mode improvement advice. The contents include:(1) China’s securities held system mainly to securities held directly and indirectly holds supplemented. Practiced securities depositorymode of China’s securities market is a unified national securities depository settlement system, the central securities depository institutions CSD is responsible for uniform handling securities depository settlement business in China Depository and Clearing Corporation.(2) current securities depository system there is a lack of legal basis, the mode of non-unity of securities depositories, securities depositories in between the main rights and obligations not, not yet a clear distinction between securitiesdepositories and securities registration problems.(3) offshore securities market anddepository mode characteristics indirectly held securities mode is the main directionof development, seeking balanced, paperless securities and business internationalization mode selection between safety and efficiency.The Third is Securities clearing mode research. This chapter carried out a comparative study on offshore securities market and settlement patterns, and the characteristics of China’s securities clearing mode, as well as problems specific analysis. The main contents include:(1) China’s securities market, securities registration and clearing of the country’s centralized and unified operational mode, at the same time act as a central counterparty for the settlement of securities and funds by securitiesclearing agencies.(2) offshore securities market, securities clearing and securities registration function clear distinction between the central counterparty settlement the si lver goods against (DVP) system, securities settlement guarantee system, the clearing participant management system, the securities of non-mobile and paperless margintrading system and other related system and risk control measures.(3) Although China’s securities market is to formulate risk control measures and systems for securities settlement risk, but found by comparative analysis with international standards,China’s securities clearing mode is not perfect, securities clearing risk managementand control is relatively weak.Fourth, our asset custody and settlement mode selection, this focus, main contents are:(1) to learn from foreign experience, institutional innovation, the establishment of an independent securities finance company, to establish the mode of the third party custody of client funds trust.(2) is a fundamental solution to the outstanding problems of our securities depository system, to protect the safety of client assets and improve the efficiency of the operation of the market under the premise of existing securities held by institutional reforms.(3) to further improve the system ofrisk control measures is the focus of the reform of China’s securities clearing mode, the core implementation of silver goods against securities settlement system, andfurther establish securities clearing risk management system and control measures.