On Legal Essence Of Margin Trading Security

Since2005we regenerating Margin transactions has passed7years. In themeantime， in order to improve the system of margin trading and regulatorymechanisms， the State Council， China Securities Regulatory Commission， theSecurities Association of China， and Shanghai and Shenzhen Stock Exchange hasissued a series of rules and regulations. At present， our margin trading system hasbeen formed， and began official trading in November2011.While our margin trading system is gradually improving， but there are someissues still unresolved. Among them， how to identify margin trading guarantees legalnature has been controversial from regenerating Margin transactions， until today theacademic community still does not form a unified opinion. To explore Margintransactions guarantee legal nature，this article will discusses the mainstream theory，and analysis of the rationality and feasibility of the theory and application of legalbarriers that may exist. At the same time， through comparative law research，compared to developed countries and regions， finding reference to the relevantlegislation in place. Finally， return to the essence of margin trading and transactioncharacteristics， find out its guarantees of adapting the legal framework to explainmargin transaction guarantee legal nature. This article is divided into four sections:First section will introduces the concept of margin trading， feature， positiverole on the securities market and the basic legal relations between investors andsecurities companies. Then we will elaborate the theory of China’s mainstream，analysis the rationality and feasibility of the theory， and faced legal difficulties. Firstof all， addresses the trust theory that resolving legislative select the trust theory ofrationality and the problems of application the theory. Secondly， introduces themaximum pledge said，addressed the maximum pledge’s innovation and practical useof paradox. Finally， on the interpretation of the alienation guarantee said， analysisthe theory on the application of the " natural advantages " and " congenitally deficient The second part through comparative law research， USA， Japan， China’sTaiwan region of margin trading system and provisions of the relevant transactionguarantee， for exploring the nature of margin trading in China guarantees providedreference.Part three from the essence and characteristics of margin trading system expanddeals， find out its guarantees of adapting the legal framework–alienation guaranteesaid， and demonstration of rationality and necessity of alienation guarantee regimeestablished in China.