Investors In The Securities Concentrated In The Transaction Legal Relationship Status And Risk

In Chinese securities market, SD&C (China Securities Depository and Clearing Corporation Limited) plays the roles of both CCP(central counterparty) and CSD(central securities depository). In the securities business, brokers effect transactions for their customers, and finish the settlement with SD&C. If brokers misappropriate investors'securities to effect transactions, and then they become insolvent, do investors have the right to take back their asset from the securities settlement system or ask SD&C(as CSD) for loss compensation? Now, some investors have sued SD&C because of loss caused by their brokers'misappropriation.To answer this question, this dissertation focuses on the legal relations between investors, brokers and SD&C in stock integrate transactions, especially the legal status and risk of investors.The dissertation is divided into six chapters. Chapter one is the introduction of the dissertation. The other parts are as follows:Chapter two analyzes the legal relations in securities registration and depository. SD&C affords investors with securities accounts, and has the authority according to the securities law and trading rules to affirm the fact that some investor has the entitlement to securities in his account.Chapter three takes bond buybacks as examples for the process of clearing and settlement of securities exchanges, and sums up their characters, such as net settlement system and CCP mode of practice. These factors have influence on legal relations. Anyway, SD&C only executes the clearance and settlement with brokers. Investors don't directly join the clearing and settlement process. Instead, investors get their securities or fund through brokers. Brokers are responsible for the custody of investors'asset involved in securities exchange.Chapter four classifies conflicts between investors'entitlement to securities and the right of SD&C or other creditors to whom the brokers have inappropriately pledged the investors'securities. The research indicates that the efficiency of...