| Securities arbitration is a quick and economical type of securities dispute resolution. It originated in the United States, and has achieved great success during the past 10 years. Now, it is the primary mechanism for resolving securities disputes in U.S.. This dissertation makes an analysis on the course of development of American securities arbitration system, the reasons for its success, and several important legal issues as well. It attempts to summarize those successful experiences of American securities arbitration system, and then combine them with those circumstances actually existing in our country, in order to propose several advise on the redesign of our country's securities arbitration system.Securities arbitration is mainly used to resolve those disputes of contractual or non-contractual nature, which arise out of the issue or transaction of securities among the entities in securities industry, or between those entities and investors or securities publishers. In the course of development of securities arbitration, its legal nature changes from the autonomous nature into the mixed contractual and jurisdictional nature. Securities arbitration falls within a special field of commercial arbitration. Benefit and justice are two main values pursued by securities arbitration. Compared with litigation, benefit is its supreme value, however, from the perspective of securities arbitration itself, justice is its supreme value.American securities arbitration system originated in 1817, and stagnated after the decision of Wilko case in 1953. In 1987, the operations of securities arbitration system resumed due to the decision of McMahon case, and then became thriving ever since 1989 for the decision of Rodriguez case. The success of American securities arbitration system depends on the following factors: the rapid development of securities market and substantive increase of securities disputes, which is the precondition; the superiority of securities arbitration compared with litigation, which serves as the fundamental reason; the continual modifications of securities arbitration rules in practice with a view to protect public investors, which constitutes inside impetus; the effective supervision and active promotion by SEC, which is the outside impetus.Chapter Three is the stress of this dissertation. This chapter puts forward and analyzes several legal issues, which impose significant influence on American securities arbitration system. Those issues are: Securities Industry Conference on Arbitration(SICA) and its role in promoting the improvement and unification of arbitration rules of self-regulatory organization(SRO), the leading role of the arbitral agencys established by SRO in securities arbitration, the rules on classification of arbitrators and on their obligation to reveal their individual interests, the universal brokerage industry practice of using mandatory pre-dispute arbitration clauses and the regulation on such industrial practice. We should use those experiences gained from success for reference and learn from those problems that America encountered at the same time.China's securities arbitration system has a history of more than 10 years. However, related legislation lags behind, which leads to the lack of necessary rules. Securities arbitration does not play its proper role in the resolution of securities disputes as a result of scarce of cases submitted to arbitration. All these conditions are due to the following facts: the scale of securities market is comparably small and the number of securities disputes is small; people know little of arbitration; the securities industry and securities regulatory organization fail to initiate and promote the practice of securities arbitration; and theoretical research is still deficient, etc.With the increasingly urgent demand of alternative securities dispute resolution, China's securities arbitration system needs redesign. This dissertation disagrees with a popular opinion that "arbitration can be used to break "forbidden... |
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