| Online securities trading, a new style of electronic trading which is invisible and technological helps investors realize the timeliness of transaction execution. Through the internet, investors can open accounts and accomplish commissioning, paying and liquidating. Many stock markets around the world have adopted online securities trading. On one hand, more and more investors start to trade over internet because of its ease of use, reliability, wide customer service, low cost, and non-limited of time and areas. On the other hand, online securities trading has challenged the traditional securities market, such as disclosures required of online broker-dealers, online securities fraud, the distribution of the rights and the obligations, the responsibility of the risk and so on. These technological developments also have challenged the market's regulators. Statutes and regulations that were drafted at a time when today's technology was literally inconceivable must be changed or reinterpreted in light of the new technology.In order to make clear the basic theory and the rule of online securities trading, this paper will focus on the analysis of the difference between the traditional way of securities trading and the online securities trading, the characteristics of online securities trading, the legal relationship among the online commission, the legal relationship between bank and securities company, the distribution of the civil liability of the risk, the introduction and perfection of the legislation of online securities trading. Finally, the author contributes the suggestions to establish the framework of the legislation of online securities trading in China through absorbing the successful legal skills of other countries in which the online securities trading has got a fast development.
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