| Securities margin trading as a credit mechanism for the introduction of spot transactions in the security transaction, almost simultaneously emerge with the birth of the securities market. This trading way comes from inherent need of commerce business. It boost circulation of capital and bring into the gigantic effect, but these functional is to build of basis having the fine risk control ability, perfect market system and fine business order. Securities margin trading has distinctive"lever"effect. It also brought about gigantic risk while bringing enormous avails to investor. Therefore a good risk control mechanism is the premise of play its proper functions. Securities margin trading is so important to the development of china securities market, as a formal arrangement, securities margin trading has been imported into China. It has become an indispensable part of securities market in China. At this time, the discussion on advantage or disadvantage of securities margin trading has been meaningless and it is meaningless to discuss that if securities margin trading is suited to China's national conditions. To China's securities market, what needed is to compare and learn maturity risk control mechanism from the extraterritorial relevant developed countries and regions, establish and operate a sound securities margin trading credit risk control mechanism in China's emerging securities market and boost our market developing healthy and protect the legitimate rights and interests of investors. As an important part of securities margin trading risk control mechanism, the legal control mechanism plays an important role. To build securities margin trading risk control mechanisms, we need build static risk prevention mechanisms which include securities qualified management, account management, and so on. It is necessary to establish dynamic management of risk control mechanism. At last, it is necessary to build a legal regulatory system. Based on systematic legal control of securities margin trading, the greatest degree of risk it can be measured, controlled, and affordable. The article is divided into four chapters:Chapter One. Fundamental Theory of Securities Margin Trading: Credit for this first entry point to the meaning of the Securities margin trading in the paper. At first, Credit is the concept of morality, it means"someone must abide by the promise and fulfill the contract". With the development of economy and society, credit extends step by step from morality category having arrived at to the law category. I analysis the meaning of securities margin trading from the economic point and the credit point and the law point. At the same time, I introduce its functions. Securities margin trading has enlivened security market with it's distinctive business way, it create a new investment vehicle for investors, it also brought about new gaining a profit of pattern for security merchant, it promoted communicating between capital market and the money market. It prosperous market, played a significant role in promoting circulation. Subsequently, I give an analysis of its basic legal relationship. There are three basic legal relationships: Lending relationship, Guarantee relationship and Relations of commission. In the next section, the author introduce the Securities margin trading of difference country, and give the comparison of trading patterns. The author analysis the root what causes the differences in models. In the final section, I introduce the securities borrowing and lending system what is the basis of Securities margin trading. Chapter Two. Transaction Risk Analysis of Securities Margin Trading: In this chapter, I begin with credit risk analysis, gradually analysis the risks of securities margin trading. Accordance with international conventions of the risk classification method, the risk of Securities margin trading is divided into the following types: market risk, legal risk, liquidity risk, and operational risk, credit Risk. In addition, author research for the factors what induced the risk of Securities margin trading. At last, the author came to a conclusion: it's necessary to Legal control of the risk.Chapter Three. Risk Control Mode of Securities Margin Trading: In the first part, I introduce securities transactions credit risk control models of United States and Japan. US securities transactions credit risk control system is highly market-oriented. It has a system in which legislative regulatory and self-discipline are mutually integrated. Japanese securities transactions credit risk control mechanism is government-dominated. As implement of controlling credit risk. Securities transactions credit risk management model is to establish a special agency to expand the Securities Corporation IFC is the credit granted security company-funded vouchers to finance sources, as well as margin trading risk securities regulatory bodies. Financial securities companies have the semi-official monopoly character. In second part, I compare of several theories about security guarantee. In third part, I conduct an analysis of the legal nature and result of mandatory sale.Chapter Four. Securities Margin Trading Risk Legal Control System: From the theory of risk control, I try to build a risk management system which including static risk prevention, dynamic risk monitoring and risk management. In the first part, I expounded securities margin trading qualifications, and make a comprehensive presentation of credit accounts, at last I discuss margin system. In the second part, I discuss the risk monitoring system which include risk Warning, transparency of information and observation each transaction. In the last part, I think it's important to regulate trade behavior, regulate security dealer, build a legal regulatory system. In conclusion, I believe that it is essential to control securities margin trading by legal means, so risk can be prevented, controlled effectively and the interests of all parties could be well protected.
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