The Legal Regulation Of Online Securities Trading

The invention of computer and the appearance of the internet exercise influence over human's daily life. And the widely use of the electronic network technique in the area of securities has been the revolutionary point during the development of the stock exchange. As the rapid development of the on-line stock exchange, the trading activity and the tortuous act in the stock exchange change with time elapse and it now differs from the traditional act of stock exchange. The law system rooted in the traditional stock exchange cannot be suited in the new development and new institution of law and legal ideas need to be reaffirmed. Firstly, network operators and the authentication service of e-signature have been added to the main part of the legal nexus of securities. And they make the law of stock exchange multiple and cross dissolve. Then the conclusion of the contract in on-line negotiable securities transaction system and the essence of a contract should have the new characteristics which differ from those before. Then there are evident differences between new one and traditional one in the way of act, the route and the speed of transmission, and the influenced degree in the injuria of on-line securities trading. As internet is a open worldwide system, there is no definite board of nations. And people communicate on-line take the advantage of digital transmission, so the internet helps people breaking the material boundary of geographical space. Therefore the litigation jurisdiction in on-line negotiable securities transaction is not only the theoretical problem of Stock Act and procedural law, but also the judicial practical issue. Furthermore it is the problem of national sovereignty. The thesis will discuss the above issues.There are six parts in the thesis. The first part is"Introduction", and it tells the background of the essay and the detailed review of national and international research and the major research approaches. The second part is"The development of on-line negotiable securities transaction", it introduces the development of the on-line stock trading and the practical situation at present times based on history analysis. And it aims at the important role of on-line securities trading plays in the world stock market. The third part is"The related law of online securities trading". It analyses the clients involved in the trading and the relations to the law in online stock trading based on the standard analysis. The forth part is"The contractual liability in online stock trading", it tells the characters of the law in online securities trading and the contractual liability of trading actors and the certification authority. The fifth part is"The liability for tort of online securities trading". And the sixth part is"Litigation jurisdiction". It uses the comparative studies and the empirical studies.