Study On The Legal Nature Of Securities Margin Trading Guarantee Of China

As a new type of securities trading, securities margin trading just enjoys a short development history in China, and the corresponding laws and regulations are still in the process of continuous improvement. With the constant development of securities margin trading, the identification of the legal nature of securities margin trading guarantee has become a concern and controversial issue of scholars, and even today they still fail to get a consensus. Among the three basic relations in the securities margin trading, the legal relation of guarantee should be classified into the core legal relation. From the laws and regulations of securities margin trading of the United States, Japan and Taiwan, it was concluded that the legal nature of securities margin trading guarantee of these regions should be transferring guarantee. Besides, the main disputes concerning the legal nature of securities margin trading guarantee in the current academia were discussed, and the analysis was made on the rationality, feasibility and difficulties of different doctrines. Based on the comparative study of the different doctrines and the consideration of the nature and characteristics of the securities margin trading, it was concluded that determining in the nature of securities margin trading guarantee as transferring guarantee was a relatively more reasonable solution.Tthe legislators could introduce transferring guarantee system into the legal system of China, thus to better solve the problems concerning securities margin trading guarantee.