| Forced to unwind refers to the forced closure of a third person other than the position holder position holders positions. Forced to unwind is also known as stop loss or be cut. In different kinds of financial trading tools, forced to unwind system plays an important role, such as futures, securities company equity pledge, margin, otc match information, etc., in futures trading as the background, the research system of forced to unwind. Futures trading refers to take the form of open and centralized or futures regulatory authority under the state council approved by other ways as futures contracts or options contracts for trade mark trading activities. Futures trading originating in the United States. China with modern futures exchange features was established in 1990,zhengzhou grain wholesale market. Because of the futures exchange to has a huge role in promoting economic development, then successively established suzhou material exchange, the shenzhen non-ferrous metals exchange, Shanghai metal exchange. Due to the lack of effective government regulation and laws and regulations as well as local governments blind pursuit of short-term market scale and economic benefits, make the national futures market filled with excessive speculation, distorted the market function, to the establishment of the regulatory system. The earliest futures regulatory system originated in the United States, forced the same score a storehouse system is an important part of the futures regulatory system, it was first used with margin system and the daily settlement system, now has become an independent system. Futures regulatory system in our country is still in its infancy, forced to unwind system is not perfect for futures trading has brought more negative impact, quite a proportion of futures dispute cases related to unreasonable to unwind. In this paper, from the Angle of legal research on system of forced to unwind.First of all, in this paper, the futures and futures to unwind system this paper discusses the history and development, mainly discusses the connotation and meaning offutures to unwind system, at the same time, the article discusses the system of forced to unwind in other financial instruments, the article and introduce the United States and Germany to unwind system advanced experience. Second, in this paper, the force of the legal theory of unwinding, mainly from the force makes the same score a storehouse,legal relationship, the cause of the trigger to unwind, to force the value of the positions and forced to unwind the perspective of legal responsibility burden analysis to unwind.Third, this paper combined with typical cases in the reality of forced to unwind dispute classification analysis, and reveals the system of forced to unwind the problems existing in practice. Fourth, in this paper, through summarizing the theory of forced positions above, forced to unwind exist shortcomings give advice to our country. |
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