Research On Legal System Of Margin Guarantee In China

2010 is called the first year of margin.Margin and Stock IndexFutures ,which have two functions, including hedging and discovering price appeared on the chinese historical stagethis year.In china's capital market,margin trading system experienced from be banned to be authorized by law.The rules of transactions of margin ,including lend the money to buy Stock and lend the stock to sell,which is useful to Improve the price formation mechanism of securities market,to find the true value of stock,to communicate with the capital markets and securities markets. Risk and trading is twin,so risk control of margin is the most important things in china's capital market.As is known regulation is the best way to control risk.The most of country in the world adopt severe measure to control,but generally speaking ,from severe to lenient.Guarantee System can control risk. Financial leverage effect of margin enlarge the Finance risk. So the design margin and improved security system which protect investor is particularly important. I want to risk control as the starting pointIn ,including trading to start the legal systems of security by the time dimension of margin, choosing the most appropriate legal system of the existing security model; In the spatial dimension , experience and lessons learned of the developed countries guarantee system of margin trading for our own use.Most of financial developed countries, like European and American ,adopting the security mode. Let security which is popular. The benefits and security is obvious, on the one hand ,the function of margin collateral has been the greatest do. On the other hand , simplify the procedures of security, save cost. The particular in Japan margin trading is to set up a specialized securities margin finance companies to provide support and financing. Concentration of credit models used in Japan, in the process of margin trading business, securities companies and banks have been isolated from securities finance companies. Finance and securities companies with a semi-official in nature, a monopoly. A two-track mode with focus on credit the credit model introduced by Taiwan from Japan. There are investors, securities companies, securities finance companies in the margin market which form a dual-channel. They can only assume the role of agents if the company do not own the securities margin trading business , the legal relations between the margin of investors and securities finance company signed a contract..China launched margin trading in 2010. The law of <Margin Pilot management approach> introduct the guarantee and trust.,but which is not completely adopt a system .they hope create a new system through the absorption both their own advantage.The System Innovation and the existing security system is conflict a lot,which is lack of higher law in our country support.Simply using trust to build guarantee system security margin is a major challenge for the civil law tradition of the legal system. Because the framework of our legal system should be drastic changes. It's need to introduce the Declaration of Trust if based on a system with a margin security. Account pledge and the pledge is the most high scholars of the solution of the new security doctrine. Has its own system of margin tradingt?what system is the least risk construct?what is the most appropriate situation in China?Finally, contrast the domestic and international security margin trading system, based on the fully absorb and learn from successful experiences in developed countries, to make reasonable suggestions.