The Self-disposal On Abnormal Trading Of Securities

Abnormal trading of securities differs from traditional theory of insider trading, market manipulation, and other irregularities. It is an unforeseeable special case of securities regulation which often occurs with a sudden. As soon as it happens, it will cause the disorder of the stock market transaction order and the damage of the economic interests of market participants. As a service provider and a supervisor, the stock exchange has a natural advantage and professional competence in the disposal of abnormal transactions. Firstly, the stock exchange itself has the structure of self-disposal right, in accordance with the securities market regulation of the value oriented. It can be flexible and effective in dealing with abnormal transactions of securities, hard to produce improper disposal behavior and result in secondary damage to the stock market when it under the reasonable judicial and executive power. Secondly, from the practice of self-disposal of the abnormal transaction in the extraterritorial mature market, we can know that stock exchange of self-disposal in the specific disposal measures also has rich experience. It is confirmed that self-disposal of abnormal transactions is the optimal choice for dealing with the current situation of abnormal transactions from the actual effect.However, this model of disposal in foreign countries has been relatively mature but encountered a bottleneck in china. It is shown in the vague definition of abnormal transaction, inadequate disposal measures and the weak position of self-disposal right. This issue has a certain relationship with the development of China’s securities market and the evolution of historical background, but more direct reason is that China’s law faced with the lack of regulation of the abnormal transactions, cracks on specific disposal procedures and the intervention boundaries of administrative jurisdiction is not clear. Therefore, this paper selected closely related and important theoretical and practical proposition as the research object, which including related theories of abnormal transaction, analysis on the legal principle of the intervention of the stock exchange self-disposal right, empirical analysis of the form of self-disposal of the extraterritorial abnormal transaction, analysis on the motivation of perfecting the self-disposal system of abnormal transaction in China, as well as localization construction.Structurally, a separate chapter for each research question and the relationship of content is as follows:The chapter one starts with the problems mentioned above, reveals the types, causes and the market damage caused by the abnormal trading of securities. The purpose of this chapter is to answer the "what is the abnormal trading of securities", and to build a good understanding of analyzing the value basis, the legal basis and the legal consequences of exchange’s self-disposal of abnormal transactions.The chapter two is the basic theory research on the self-disposal of the abnormal transaction. Multi-level discussion with a series of theoretical problems related to the reasons why self-disposal of the abnormal transaction is much better than heteronomous supervision, such as value choice of exchange’s self-disposal in the abnormal transaction, the source structure of the exchange’s self-disposal right, the role definition of the exchange and legal consequence of exchange’s self-disposal right. The purpose of this chapter is to answer "what is the self-disposal of the abnormal trading of securities” and “why the self-disposal is suitable for the abnormal trading. These theoretical issues have independent value, and also provide a perfect direction for the system environment which needs to be solved in China.The chapter three turns the research perspective from the theoretical research to the empirical analysis. Using the system design and disposal practices of the for the object, carding the establishment of related policies, regulations and rules, investigating the practice of the exchange’s self-disposal of the abnormal transaction, in order to provide a perfect reference for Implementation method and program design of self-disposal of the exchange’s abnormal transaction in china.The chapter four turns the research perspective to the last foothold of this paper--the local problems and the self-disposal of the abnormal transaction in china. The fifth chapter is after the completion of the above issues of study and discussion, the full text of the foothold and the core project in the Legal regulation and system improvement of the self-disposal of the abnormal transaction in China.