Study Of Guarantee Of The Financing And Securities Lending

Since2006, China Securities Regulatory Commission issued the “pilot margintrading business management approach” to promote the comprehensive developmentof China`s securities market as one of the basic form of the Securities and Exchangefinancing and securities trading gradually played a huge role, which guaranteessetand running is no exaggeration to say that the cornerstone of this form oftransaction and its associated regime built. Financing and securities trading, alsoknown as the securities credit transactions, means that the securities company fundsfor lending to customers to buy listed securities or lending of listed securities for sell,and collect the collateral from operating activities. However, in terms of theguarantee, a series of normative documents based on the pilot margin tradingbusiness management approach under the premise of learning from foreignexperience, creative way to introduce in our country has not yet been establishedbetween guaranty qualitative, and at the same time using the concept of “trust”,resulting in a complex and confusing the relationship between financing and securitiestrading guarantees, but it encountered in the current legal system in irreconcilablecontradiction. This article starts from the basic concept of the financing and securitiestrading guarantee on its unigue characteristics, and depth to guarantee the qualitativeand running, tries to find a foothole in the framework of the existing legal system inChina.The first chapter of this article starting from the basic concept of the financingand securities trading, and guarantees by comparison with related systems, analysisof the complexity of the legal relationship of financing and securities guarantees, andthus the financing and securities guarantees to build the basic theoretical framework,with the current mainstream “guarantee” view stripping its unique interpretarion ofthe status of independent way of security, to prepare the ground for later futherexplored.The second chapter of this article, the establishment phase of the margin guarantee its own characteristics, the existing financing and securities of warrantytheory and design of the whole process a lot of conflict. Part of its contract, collateralto obtain and functions of play, as the present, most major normative documents ofthe “management approach” trust of envisaged on the basis of content, the variouscontradictions financing and securities guarantee both in theory and practice, carriedout to identify, in order to resolve the conflic.The third chapter of this article focus on the special features of the actualoperation of the financing and securities guarantees to sort out the transactions carriedout smoothly, and there are special rights, and collateral management, to providetheoretical support for the practice.The forth chapter of the article, the previous paper in this part of the rightfinancing and securities security theory and practice of certain unigueness of thebasis, indicating that the plight of our reality and pointed out the significance of abreakthrough in the way of independent guarantees, guarantees from the financingand securities accountthe particularity of reality, trying to learing from existingpractice, the special way of security in the legal system to accurately locate thefinancing and securities by way of security, law and improve the recommdendations.