Study On The System Of Error Trades Cancellation Of Securities In China

The error trades of securities are transactions that result in an erroneous execution.due to a failure of a market participant or a trading system.In the past three years,the research on the construction of error trades cancellation of securities system has become more and more mature.Scholars not only explored the complete system of the erroneous trade revocation system,but also combined with the actual refinement of our system and the development of effective rules.However,the construction of such a system is not perfect,the practice will still appear such as the court difficult to judge cases' qualitative,the theoretical aspects are still not fully legal interpretation and don't have foundation to lay the effective construction of the system tension.On the basis of predecessors' research,this paper makes a more comprehensive and detailed study on the construction of error trades cancellation of securities system.From the legal and institutional aspects by referring to the mature institutional experience of some countries and combining with the realistic basis of the construction of error trades cancellation of securities system in China.The first part is the error trades cancellation of securities system overview.Use the contents and types of abnormal transaction disposal measures to explain the current situation of the existing system of legislation.At the same time,It analyzes the above theoretical research and concrete system research.Through the above channels to find out the problems in the construction of error trades cancellation of securities system.The second part is the legal analysis of error trades cancellation of securities system.By discussing whether the value basis of the cancellation of the securities error trade right is consistent with the civil right of revocation?whether the exchange cancel the erroneous trade violates the stipulation apply to the principle of civil liability exemption?whether the transaction party seeking the relief is feasible obtains error trades cancellation of securities system's important principles:meaning freedom,fair case,timely disclosure,rights relief.In the erroneous transaction revocation system,play a leading role in the direction to the specific construction.The third part is draw lessons from some countries' mature error trades cancellation of securities system.By analyzing the specific rules of the securities erroneous cancellation system in each country,the author draws out the principles and practices that can be used for the construction of error trades cancellation of securities system in our country.The fourth part is the realistic basis of the construction of error trades cancellation of securities system.The analysis of the nature of the Shanghai Stock Exchange,in view of the current characteristics of China's stock exchange,that should be the stock exchange to exercise the right to cancel the transaction.At the same time,in China,the construction of error trades cancellation of securities system has a realistic legal basis,and with other systems to form a securities error transaction disposal rules of the complete system,and enhance the degree of fit with China's national conditions.The fifth part is the specific design of error trades cancellation of securities system.Including the cancellation of the erroneous trade,the exchange cancel the erroneous trade review procedures,the exchange cancel the erroneous trade's appeal procedure,the exchange cancel the erroneous trade's relief and compensation calculation.The system from the start to the relief work throughout the principles,the system of securities law both have rationality and probability,to facilitate the follow-up to the stock exchange and the court have rules to follow.