| We begin the margin trading pilot as the legal constructions and systems aresettled. In order to guarantee the safety of finance, regulators concentrate on tradingrisk of margin trading when it’s introduced,especially in the pilot stage. With thedevelopment of such securities trading system, exceeding prudential supervision leadsthe conflict between efficiency and safety, which calls for formulation and revision ofour current legal constructions so as to lay a solid foundation for margin trading. Thisthesis compares current trading as well as risk controlling system and constructionswith that taken abroad, after which it tries to give some suggestions from theperspective of market entity, trading systems and risk controlling.In chapter one, basic concepts of margin trading and its development as well asfeatures are introduced. Specific risk of security account trading requires sound legaland regulatory system. In the following chapter, it analyses regulatory entity and legalsystem in our country.In chapter three, credit extension models taken by extra regions and countries arediscussed, from which conclusion is drawn that selections are taken depending ondeveloping status of their capital markets. The margin business develops rapidly, atthe same time, the contradiction, which comes from investors’ growing demand formargin trading business and the shortage in their own funds and securities for thebusiness in securities companies, becomes increasingly prominent. Therefore, the opening of refinancing business has its necessity, which can solve this problemreasonably and effectively.In the latter part, trading system of refinancing business isintroduced and the problems are presented within the stage of implementation.After the contract with that in extra region and analysis of development ofmargin trading in our country, advisements are made from the perspective of tradingentity, trading system and risk controlling regulations. To promote the development oftrading system,efficiency are of equal significance with safety, thus after three yearsof pilot period, regulatory rules should be consummated to solve the exploredproblems and make the current regulations more operable. |
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