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Research On The Legal System Of Warrants Market Supervision In Our Country

Posted on:2012-05-10Degree:MasterType:Thesis
Country:ChinaCandidate:L ZhangFull Text:PDF
GTID:2166330335470897Subject:Economic Law
Abstract/Summary:PDF Full Text Request
Warrants is a right for trading the underlying asset as a financial derivatives trading partners.After 30 years development, at present, Warrants has become the world second only to the stock and bond transaction the third most common varieties in global exchanges.China's warrants trading originated in 1992, later on, because of excessive speculation market share ,warrant was halted by regulatory authorities. In 2005, in order to equity division reform smoothly, China's resumption of the warrants market. The Shanghai stock exchange and Shenzhen stock exchange on July 18, 2005 formally announced the "Interim Measures of Shanghai Stock Exchange Warrants" and "Interim Measures of Shenzhen Stock Exchange Warrants", opened the warrants market regulation in China new era. But, with the split share structure reform, our warrants market becoming more and more reduced. At the same time, our country warrants market transaction process still existed in excessive speculating and market manipulation phenomenon. Therefore, our country warrants market supervision measures still needs further improvement.Perfecting the warrants market regulatory system, market access from the regulatory system of warrants, the information disclosure system and the trading of warrants regulatory system of these three aspects. Among them, warrants market access supervision system consummation required by the stock exchange to build a responsible warrants of offering and listing audit, the securities regulatory authorities issued veto or retain formulates issued standard issuance and listing examination system. At the same time, should try to clear the issuer market access conditions and clear warrants market access requirements.Information disclosure requirements according to perfect the system of the information disclosure of sufficient, accurate, timely principle to clarify information disclosure of the subject and the contents of information disclosure. Not only request the issuer to fulfill upon information disclosure obligation, it also requires the relevant market main body also shall bear the corresponding information disclosure obligation.The liquidity risk is one of the major content of the warrants market transaction risks. Market maker system and further improve the distribution system to reduce the maximum range of liquidity risk warrants, warrants market transactions to facilitate our further development.
Keywords/Search Tags:Warrant, Market supervision, Market access, Information disclosure, Market maker
PDF Full Text Request
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