Research On Issues Of The Risk Allocation Of On-Line Securities Exchange

On-line Stock Exchange basically innovates the corporeal carriers of the traditional stock market, representing the direction of its development in the future. The Internet lowering the exchange cost, raising the exchange efficiency, at the same time brings the party huge risks which are mainly technique failure risks, the third party infringement risks and the force majeure risks. In the practice, investors almost have to endure all the losses of the risks. This kind of unfair risk allocation system obstructs the development of domestic on-line Securities Exchange seriously, thus establishment of fair system of risk allocation system is required. The two basic instructions established in Roman law, which are "no one is responsible for the haphazard" and "the beaten one bears the loss of the haphazard" , shouldn' t become the rules of risk allocation. Equity is the one of the most important fundamental principles of law. In the process of adopting of the rules of risk allocation, equity should be obeyed too. The risks of on-line Securities Exchange are mostly relevant to the imperfect network technique and the elimination of risks on on-line Securities Exchange depends on the advancement of technique to solve. So the system design on the risk allocation of on-line Securities Exchange should possess the function of encouraging the technique innovation. Given this, the concrete rules of risk allocation on on-line Securities Exchange are as follows: criterion of controllability, criterion of foreseeability, criterion of efficiency to handle the risks, criterion of economy to compensate for the losses of the risks. The advantage of positive law itself is the basis of jurisprudence of the legislation on the risk allocation of domestic on-line Securities Exchange on country. In order to prevent on-line broke-dealer and ISP from injuring the investors' benefits by using the freedom of contract, we should adopt the legislative mode which is legal and compulsory rules of risk allocation.