Research On The Disposal System Of Securities Trading Anomaly

A basic function of securities market is to produce fair and orderly securities trading prices and promote market economy. It requires that securities transactions carried out in a continuous, stable and secure environment. However, trading anomalies occur more frequently, not only disturb the trading order, but also threat the interests of investors. The construction of stock market system faces serious challenges. Due to adequate development of capital market and mature legislative technique, the foreign countries have developed a comprehensive system to deal with securities trading anomalies. In contrast, domestic legal system, both in quantity, quality and operability, has large gaps exist with foreign countries. In practice, it is increasingly unable to meet the needs of the development of the domestic stock market. Therefore, more and more people calls to modify the current legal system.This paper takes the dispose of securities trading anomalies as a basic analysis framework and in order to improve the system as foothold. Firstly, discusses the definition and causes, and then analysis some key issues, such as the dominant mode of disposal, disposal measures, legal responsibilities to summarize the deficiencies of the existing system. After that, comparatively study the disposal of foreign securities trading system anomalies. Finally, recommend on how to improve the legal system based on the analysis of defect. The main contents are as follows:The first chapter is "What is the Securities Trading Anomalies". This chapter begins with the concept and causes of the securities anomalies and aims to create a preliminary understanding and awareness of this relatively new field.This chapter delimits the securities trading anomalies by the market rules of stock exchange which gives direct and positive definition. And then, exclude irrelevant content by distinguishing this concept with abnormal behavior and macroeconomic risks of stock market.Another step to understand the securities trading anomalies is to analyze the causing reasons. In accordance with the general consensus, the causing reasons are divided into four kinds. This will provide the basis for the analysis of disposal measures and legal liabilities.The second chapter is "Status and Defects of Securities Trading Anomalies". This chapter aims to analysis the subject, modalities and responsibilities of securities trading anomalies. Then summarizes the deficiencies of the existing system on the basis of the construction and provides an entry point for later selection of typical disposal system of overseas securities trading anomalies.Why the self-regulation of stock exchanges is the dominant mode to handle securities trading anomalies is based on two aspects. Firstly, the self-regulation of stock exchanges is more timely, flexible and low-cost. Secondly, the stock has inherent power to handle securities trading anomalies to protect their own reputation and market size.The design and use of disposal measures will have a direct impact on the securities trading anomalies. Now the stock exchange in our country can use temporary suspension, temporary speed bump, defer settlement to securities trading anomalies. Temporary suspension is used most frequently while temporary speed bump is nearly never be used. And defer settlement is lack of legal basis and operation sequence. Compared with foreign countries, we have ignored an important disposal measure, which calls error trades cancellation of securities. We should learn experience from foreign countries by analyzing error trades cancellation of securities.To analyze the legal responsibility and commitment caused by securities trading anomalies, we must firstly analyze the role of the stock exchange. As the organizer of securities trading, the stock exchange bears civil liability. If securities trading anomalies are caused by force majeure and accidents, the stock exchange do not need to bear civil liability. While it is caused by technical failures, the stock exchange should bear civil liability. We can learn experience by analyzing cases of civil liability caused by technical failures in foreign securities markets.The stock market is changing constantly, and the related regulations should be in accordance with market demand and continuous development. Although the securities law system has improved a lot, but there is still some defects, such as reasons are too vague and one-sided, the type of disposal measures is too simple, procedures and standards for disposal measures are too lacking, securities trading results unalterable provisions is too absolute, absolute immunity from liability is lost fair, especially trading anomalies due to major technical failure and significant errors arising from the legal system has not been formally incorporated into the framework, civil liability caused by technical fault has not been clear.The third chapter is "A Comparative Study of the Disposal System of Foreign Securities Trading Abnormalities". This chapter aims to securities trading on foreign stock exchanges in different anomalies disposal regulations, consider the value of experience behind the system, and form their own judgments, for the later construction of the country to improve the relevant system for reference.An effective measure of foreign trade because of an error caused by the disposal of securities trading anomalies is revoked trading system. By analysis and comparison business rules of NASDAQ OMX Nordic Exchange, the National Stock Exchange, the London Stock Exchange, to summed revoke trading system should be designed to follow the openness, timeliness, balance principle.Technical fault civil liability is the liability of securities trading anomalies caused by the most common form, by Germany, Japan, the securities and futures markets introduce civil liability system, analyzing the principle of fault attributable to the principles of the system as a consideration.The forth chapter is "Consummations of Disposal System of Securities Trading Anomaly". This chapter reviews the existing defects of disposal system of securities trading anomaly, on this basis, and then proposed amendments on the Securities Law as well as the business rules of the stock exchange. In addition, it will focus on the reasons for modification elaboration and exploration of the specific system design.Stock exchange rules formulated by the stock exchange are important parts in the securities legal system. Stock exchange rules have the flexibility to meet and adapt to the needs of the variety specific transactions of securities markets. Foreign countries also have made regulations on the disposal of securities trading anomalies with stock exchange rules. Therefore, we should supplement the type of trading anomalies, refining the standards and operating procedures of disposal measures to improve the securities trading system.I try to put forward my views in three areas Firstly, the introduction of a concept which called Major Mistake, including legal basis, definition of the concept, classification and measurement standards. Secondly, the introduction of error trades cancellation of securities. The introduction emphasizes the legal basis, applicable conditions, program settings and legal liability. Thirdly, commitment of civil liability caused by technical fault caused. I will discuss this content from legal basis, judging standard, allocation of providing proof and fulfill funding liability.