| Securities trading market is a market which is highly concentrated and have characteristics of market liquidity and continuity. However, the development of the market is not always goes well as we expected, problems will emerge inevitably in the process of the development of the market. The biggest event which takes effect in a wide range in China is “816 ever bright events”. This event has caused the discussion of the abnormal trading securities disposal once again and it also exposed the defects in the abnormal transaction processing system in our country. The discussion of everbright event is not only about existing abnormal trading securities disposal system of our country but also determination of the people who should undertake responsibility of the abnormal trading in our country. This article mainly talk about how to design of disposal system from legal point of view, how to deal with emergency when abnormal trading happens so as to minimize the risks and maintain the stability of market.First and foremost, the article introduce the definition of abnormal trading and abnormal trading securities generally including force majeure, accidents and major error while major is not exist in our country. Once abnormal trading happens, the exchange can interfere with the situation in order to maintain stability of market. This kind of interference needs clear and rigid executive standard. Then the article summarize routine standards of securities abnormal trading then conclude that our country can adopt standards that price and quantity as main factor while take other factors into consideration.Then the article analyses the present legal situation about the abnormal trading securities disposal system in our country which is limited by trading settlement system, stock market investors structure, efficiency, and security principle. There are deficiencies in trading disposal and disposal procedure of abnormal trading securities in China. Disposal measures only include market closure, trading halts and delay delivery and shortage of effective measures dealing with abnormal trading such as dealing withdraw. The law has no regulation in the dealing procedure. It has no clear regulation on starting time starting procedure.Then introduce mature abnormal trading securities disposal system in foreign market and conclude that these system have been established not only on the basis of the basic structure of market investors, but also leading role of organizational system of financial supervision. Then to analyses the present legal situation about the abnormal trading securities disposal system in our country which is limited by trading settlement system, stock market investor’s structure, efficiency, and security principle. There are deficiencies in trading disposal and disposal procedure of abnormal trading securities in China. Disposal measures only include market closure, trading halts and delay delivery and shortage of effective measures dealing with abnormal trading such as dealing withdraw. The law has no regulation in the dealing procedure.Finally, the author summarize that due to the urgent demand of the market practice and the improvement of the transaction system. we can improve abnormal trading securities disposal system by introducing foreign relative experience. We can make principle provisions in the law of abnormal trading disposal system in legislation. And then exchange trading rules specified base on the market situation. We can add major error situation in the definition of abnormal trading and introduce deal withdraw system. In the meantime we can also improve facilities of deal withdraw system such as definition standard, procedure settings. As Stock exchange is in the front line of securities market regulation, so transfer the initiative of abnormal trading will be more reasonable and effective. |
PDF Full Text Request