Research On Legal Mechanism Ensuring Securities Exchange Performance

Being the back-office for securities exchange, securities registration and settlement (SRS) is the stage for performance of securities exchange. Attributed to the defects existed in the legal system related to SRS, the defaulting acts, which are focused on the crisis of National debt repurchase (REPO) and resulted from the depression of securities market and the crisis of securities brokerage firms, bring great impact to the system of SRS system, which make the improvement of the legal system for ensuring the performance of securities exchange become a significant theoretical and real issue. From the perspective of contract performance system, the dissertation tries to make a systematic analysis and approach of the mechanism and improvement of ensuring the performance legal system for the securities exchange which is centered on the central registration and settlement.The composition of the dissertation is arranged with five chapters.Chapter One is the legal expounding for the course of securities exchange. From a new perspective of contract law and reviewing the development of securities exchange system, the dissertation explores the whole process of securities exchanging on the basis of the introduction of the basic course of securities exchange in our nation and veining from contracting to performing, then it points out that the legal nature of the securities exchanging course is a special commercial sales contract which sets the securities as the object, so the analysis of this chapter provides a technical platform for the following analysis. Since the REPO crisis becomes the notable manifestation of securities exchanging defaulting acts in recent years in our nation, and the regulations of the course of REPO has differentiated greatly from that of general securities exchanging, this chapter has expounded the basic process and main regulations of the securities repurchase specially which set the national debt of pledge as an example.Chapter Two explores the legal system of securities registration based on the founding of securities exchanging and closed in the contract performance. This chapter deeply analyzes the characteristics of securities holding and registration system influenced by the dematerialization and immobilization of securities. Describing the real situation of securities holding and registration system in our nation, and delicately exploring the similarities and differences of the citation and identification means for the securities entitlement by the investors between the direct holding and registration system and the indirect holding and registration system, and completely analyzing the influence on securities identification and enforcement of investors'securities entitlement imposed by different securities holding system, meanwhile, this chapter suggests that a securities registering legal system consistent with the developing trend and the real situation of securities holding and registering system in our nation should be established with the utilization of property rights as the orientation and breaking the fetters of traditional theories.Centering on the securities exchange performance-that is securities settlement, chapter three to chapter five explores the legal system of securities exchange performance thoroughly focused on the central registration and settlement from the perspective of three independent but closely related and non-separate aspects.Chapter Three approaches the institution arrangement of central settlement system. Based on the real situation of our nation, this chapter mainly analyzes the legal nature of central settlement organization and proposes the legal forms and administering arrangement that central settlement organization should have. Moreover, this chapter also analyzes the theoretical legal foundations of key of the mechanism the central settlement organization works, and it proposes that the coordination and improvement of relative legal system is critical to assure the legal effect of securities settlement results.Chapter Four explores the administration institution of settlement participants, and the Delivery Versus Payment institution, and the guarantee institution for performance, and the securities and money lending institution when defaulting happens at the money supply of settlement participants being not enough, so as to set up the pre-guarding system against the defaulting acts of securities exchange.Chapter Five explores the resolving system after the contract of securities exchange has been defaulted. This chapter mainly researches into the conflicts and coordination of the legal system about the netting principles and between the legalized rights that central settlement organization has on the settlement guarantee and protection regulations for debtors'property. Then this chapter proposes the effective and workable arrangements directed at the real problem suffered by our nation- that is the great impact on central settlement system imposed by REPO.