Study On The Legal Nature Of Margin Financing Guarantee In China

Margin trading is a basic system of credit transaction,which has a certain risk of leveraged trading compared with ordinary securities trading,and requires a guarantee to control the dedication of securities companies.Margin financing guarantee is a guarantee system for the design of margin trading.It can well adapt to the characteristics of high efficiency in the operation of margin trading,but it has caused a certain conflict with our traditional security property because of its high efficiency.There is a certain difficulty.In order to avoid the conflict between the financing margin guarantee and the traditional guarantee system,the trust and financing guarantee can not be completely compatible.Through the analysis and research of related mechanisms and theories,the author hopes to provide useful enlightenment for the establishment of legal nature of margin trading guarantee.The first part is the introduction,which briefly outlines the research background,domestic related theories and research methods,and summarizes the characteristics of margin trading and financing guarantee mechanism.The second part is a brief description and evaluation of the legislative nature of the legal nature of margin trading in China.The current legislation of our country explains the nature of financing guarantee as trust,but there are many differences between this interpretation and the operation of margin financing guarantee in practice,which is difficult to solve the legal nature of margin financing guarantee.The third part sorts out various theories and evaluations about the legal nature of margin trading in China.There are mainly the proclamation trusts,the highest pledge,the account pledge and the transfer guarantee that each theory has its advantages,but there are also shortcomings,which can not explain the legal nature of the margin guarantee.In the fourth part,I put forward my view-establishing the legal nature of margin financing guarantee as a guarantee,and from the incompatibility between the traditional guarantee system and the margin guarantee,and the two aspects of the function realization of the margin guarantee for the financing,and the necessity of the transfer guarantee,from the legal mitigation and liquidation of the real right.Two parts of the obligation to solve their shortcomings,put forward the introduction of transfer guarantee through judicial interpretation-the relevant law to establish the nature of guarantee transfer of margin financing guarantee to solve the problem of the legal nature of margin guarantee,and based on the needs of China's society,China's future civil code should have a seat of guarantee system.