Study On The Status And Role Of Securities Industry Association In Liquidity Regulation

Liquidity risk is the top priority of financial supervision.As an important lifeline of financial risk,liquidity risk prevention should attract enough attention in the securities industry.Liquidity regulation is a long-standing focus of the banking industry.However,after the financial crisis in 2008,scholars began to gradually pay attention to the research on liquidity regulation in the securities industry.The CSRC included liquidity coverage and net stable capital ratio in 2016.Risk supervision indicators of securities companies.This article studies the legal status of the Securities Industry Association as a securities self-regulatory organization and how it plays a role in securities liquidity supervision.Through the analysis of the occurrence of securities market liquidity risk and its regulatory necessity,it elaborated that government supervision is The main force of securities liquidity supervision,and the self-regulatory supervision of the securities industry association is an important supplementary view of securities liquidity supervision.Due to the professionalism,complexity and sensitivity of the modern securities market,the government has put forward extremely high requirements for flexible law enforcement,and corresponding government regulatory failures will occur with high probability.Due to its inherent advantages of innate information,its level of specialization,and its high reliability between equal subjects,it is indispensable in liquidity supervision.On the basis of theoretical analysis,this paper sorts out the legal basis of securities liquidity supervision and government supervision practice,the source of power and specific practice of securities industry associations in liquidity supervision,and concludes that the boundary between the existence of securities industry associations and government supervision is not enough It is clear that the self-regulatory rules of liquidity supervision need to be improved,and it is suggested that the independent self-regulatory status of the securities industry association should be clarified,and the substantive regulatory role should be played.Professional advantages,assist the government to control liquidity risks in an all-round way,and maintain the smooth operation of the securities market.