| Futures trading law system is related with the development of market economy. Therefore,a wholesome futures trading law system is necessary to be founded to establish a socialist market economy of our country.Our country is short of futures trading tradition in history,and it is less than 10 years since futures trading law system was constructed in New China. Compared with a rather consummate futures trading law system of western countries,the existing rules and regulations concerning the futures trading in our country seem not systematic enough. There are many irrational and unscientific rules in them. All of these not only are very difficult to be operated ,but also can not meet the need of establishing a market economy and the need of international economic intercourse. Thus,they are in imminent need of being completed.To complete our futures trading law system,it is rather important to complete our legislation about mandatory liquidation. Mandatory liquidation is one of the important academic and practical problems in futures trading law. Mandatory liquidation is so important matter in futures trading law system and venture management. But for a long time,it has been short of law basis and operative criterion. Futures trading participants don't often promise clearly in their contract before their exchange. And they don't understand the condition and the procedure of the mandatory liquidation. The result of futures trading is either gain or loss. But a quite of loss is formed under the mandatory liquidation operated by Exchange or broker's company in venture control. So the mandatory liquidation becomes the focus of the contradiction. Therefore many imbroglios occur.In view of the above-mentioned facts,I take "the mandatory liquidation system in futures trading" as my dissertation 's theme. I wish,through systematic study and by using foreign experience for reference adequately,I could bring forward some valuable consults and make contributions to the codification of China's own futures trading law.This article consists of four chapters:Chapter I is the summarization of the mandatory liquidation system. Firstly,this chapter explains the concept of the mandatory liquidation and other systems or concepts. Secondly it summarizes the production and development of the mandatory liquidation system,especially in American Exchanges,which is typical in the whole world. Thirdly it summarizes and emphasizes the status and function of the mandatory liquidation system in the venture control which government and Exchanges execute in futures trading market.Chapter II describes the character and foim of the mandatory liquidation institution. Firstly,this chapter studies the development history of futures trading law and the mandatory liquidation institution abroad,especially in USA and Japan,and investigates the traits of legislation as to these respects in our country. Secondly,it summarizes the developing process and the existing form of the futures trading law and the mandatory liquidation institution. At the same time it brings forward some advice on the forms and principles of our legislation and the principles of futures trading law itself. Thirdly it sums up the mandatory liquidation institution and points out the shortcomings in our futures trading documents.Chapter III is the mandatory liquidation for executing margin system. Firstly,this chapter introduces and analyses the theories about the nature of the mandatory liquidation for executing margin system. This article sustains the theory of right and obligation,points out that Exchanges andbroker's companies have both right and obligation to execute the mandatory liquidation when the conditions occur,where,especially,the obligation attribution is emphasized and expounded in the process of broker's companies' mandatory liquidation. Secondly,it discusses the preconditions and executing requirements in mandatory liquidation for executing margin system. To investigate the aftereffects of the mandatory liquidation,it studies the value of legal re... |
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