| The margin trading means that, the securities companies provide a certain amount of money to supply clients to buy securities or lending securities directly approved for its customers in the stock exchange and other occasions, while customers use their belongings and so on as the mortgage. At present, after our country inspected the risk of the securities financial markets scientifically, the margin guarantee system has been improved, the "short" behavior has been banned, and the investors hasn’t been allowed to sell securities and then borrow securities from the securities exchanges, so that the content of the margin trading activity form has been strictly ruled, and the normative securities trading has been strengthened. Margin guarantee trading activity has gradually widespread in our country, but the related legal system compared with abroad is not enough mature, remains to be further improved.The development history of margin trading in our country is shorter,the related research is less,but we can’t deny that,margin trading has played an important role in securities trading in our country,so we must accelerate the research of this aspect. Along with our country economic system reform and the rapid development of market economy,in these few years,the securities market has changed a lot,all kinds of new type of securities lending and borrowing business appear constantly,and the government in order to maintain the stability of the financial market,continuously develop and release the related transactions, legal system, etc.But as the securities lending and borrowing business development in China is more and more quickly,and the trading activity with the international financial market is more and more,the financial markets environment has become complex and volatile,so as to better maintain the market order,margin guarantee legal system must also corresponding improvement and perfection.This paper is divided into introduction, main body and conclusion three parts,this text mainly from such four parts to analyze the guarantee system of margin:The first part mainly qutlines the concept of margin trading activity and its guarantee theory. This part firstly is an overview of the theory of margin trading, then discusses three kinds of basic relationship, the important content is the theoretical disputes between the margin guarantee and its legal nature, which lead to the theoretical analysis of below.The second part is the overseas margin guarantee legal system, described the guarantee system in the United States, Japan and Taiwan area of our country, analyzed the similarities and compared with our country, so as to get some inspiration.The third part focus on the present development situation and the existing shortcomings of the legal system of margin guarantee in our country. First introduced the content and rules of the system, then pointed out the present situation,the deficiencies and the conflicts between the system and other trust system, it also discussed some questions of the financing activity.The fourth part is the main content of this article, mainly described about how to improve and perfect the guarantee system of our country. According to the insufficiency of the system which has been mentioned in the third part, put forward some targeted suggestions, and combined with the currently trust system in our country,perfect the system, brought in the pledge system theory, etc.Then put forward some solutions to the problem of trading activities, so as to build harmonious, scientific, perfect, new margin of the guarantee system. |
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