Discussing On The U.S. Securities Arbitration System And Its Highlights

Securities arbitration was originated in the United States, its law status was confirmed since the case of Rodriguez in 1989. since then, it is used widely and has achieved great success .Now, it is the primary mechanism for resolving securities disputes in U.S.. This dissertation makes an analysis on the main systems of American securities arbitration, and its features 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 advices on the specialization of our country's securities arbitration system.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.China's securities arbitration system has a history of more than ten years. However, for the related legislation lagging behind, it leads to the scarce practice. 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...