Study On The Pledge Of Standard Warehouse Receipts In Futures Market

The standard warehouse receipt is the property right certificate in futures trading. With the increasingly active trend of capital market, how to make the property securitization promote the flow of funds to meet their financing needs is currently a hot issue. Standard warehouse receipt pledge loan, which has been validated as a high quality form of credit in the foreign financial institutions,has become a routine businessfinancing form. But at present there’s still not so much standard warehouse receipt pledge business in our country.Of course, it has much relationship with the length of time and theoperating system environment. In the area of standard warehouse,there are problems such as the inadequate law and regulation system, the immature of operational model, the supporting system lag, and so on. In this paper, I will discuss the issue with the combination of theory and practice. There are four chapters in this paper.The first part expounds the basic theory of futures standard warehouse receipt pledge, starting from the main concepts and features of standard warehouse receipt and receipt pledge. According to the theory that the real rights for security has exchange value and can be transferred, four characteristics of the standardof the warehouse receipt can be summarized: to certify the effective system; the content of the high degree of standardization; the strong liquidity; the real right of securitization. Combined with the normative documents of standard warehouse receipt pledge, discussions are expanded on its concepts and legal characteristics, as well as its nature.Theoretically, there are two kinds of versions on warehouse receipt pledge, one is chattel quality and the other is power quality. The former is mainly adopted by Japan, and the latter is made as the law with our country’s characteristics combined with the practice and status quo of our country. But there is another theory in the academic circle, says as “rights mortgage". According to the characteristics of the standard of futures warehouse receipt as well as the theory of rights mortgage, this paper argues that the theory of right pledge is more suitable for the legal nature of standard warehouse receipt pledge.The second part, firstly, generalizes the currentpractical modes of operation in Zhengzhou and Shanghai futures exchange pledge, one is the Zhengzhou mode that the bank opens a dedicated channel in exchange, the other is shanghai mode that the bank, being as a trading legal person, establish a standard warehouse account. Secondly, based on the combination of two modes, I will analyze the establishment of standard warehouse receipt pledge, the effective scope of guarantee, the effectiveness of the pledgor and the pledge. This section focuses on the rights and obligations as well as the mode of exercise in the future standard warehouse financing, paving the way for the problems talked below.The third part is the key of this paper, mainly expounds the system defects offuture standardwarehouse receipt pledge. Firstly, starting from the basic effectiveness of the public, Iwill analyze the disunion of the pledge to take effect with publicizing essentials doctrine and publicizing confrontation doctrine in two different ways and the registration organ, respectively are the futures exchange and designated delivery warehousetwo different places. Secondly, this paper discusses the problem of how to ensure the realization of obligatory right in the process of pledge, namely the selection of pledge price and pledge ratio. AnalyzesCombined with market risk and credit value risk of enterprise individually. Finally, this paper introduces the pledge-Banks in creditor’s rights cannot be repaid, how to release the pledge right with more convenient, quicker, safer way, Lacking of the implementation of the right which combined with futures marketThe fourth part puts forward some perfect measures aiming at the defects of the system of standard futures warehouse receipt pledge. In this paper, based on the current legislative practice and operation mode, I put forward the pledge registration of public adoptsessentials doctrine mode and set the registration organ as the futures exchange, to considerate the three value of security, freedom and efficiency and to give identification.Chooses the pledge price and the pledge ratio should base on the practical business of bank to determine the pledge ratio, preventing the risk of implementation of pledge, and simply introduces system of "mark-to-market" in the process of pledge, preventing huge market volatilityappears after pledging. Finally, on the realization of pledge right, I put forward to establish the special position of banks in the futures exchange, directly involves in futures trading, avoiding cumbersome process to influence the safety and efficiency of the pledge.