Research On The System Of Securities Mis-transaction Cancellation Under The Self-regulation Of Exchanges

Securities mis-transactions occur frequently in practice,causing damage to the pricing function and trading order of the securities market,increasing market risks and damaging the interests of investors,but China's laws do not explicitly regulate them.The nature of securities transactions is the process of contract conclusion.In terms of legal relations,there is no significant difference between securities error transactions and securities transactions.Through the use of the theory of erroneous monism and dualism,the erroneous transactions are analyzed separately,and it is clear that the two erroneous theories can be grouped together to the same problem at the level of erroneous transactions,that is,what kind of remedies are available.The establishment of securities wrong transaction cancellation rights is the trade-off between fairness and efficiency,and it is the balance between supervision and market regulation under the public interest theory.Along with the development of China's securities market,China's securities supervision mode is mainly based on administrative supervision.Giving the exchange of wrong securities trading rights can improve regulatory efficiency,reduce regulatory costs,and reduce political pressure on the government.The securities error transaction cancellation system should uphold the market's best principles,open principles and timely principles.The standards and procedures for securities mis-transactions shall be stipulated in accordance with the distinction between application revocation and ex officio revocation.For the revocation standard of the revocation right exercised according to the application,the erroneous transaction is judged according to the two dimensions of the reason level and the result level,and the transaction is given a certain discretion.For the revocation criteria for the right of revocation of ex officio exercise,more consideration should be given to the overall interests of the market and the public interest of the entire society.The operation of the securities cancellation procedure shall follow the efficiency principle,strictly control the time for securities application and review,and quickly announce the results of the securities mis-transaction review to the market.For the wrong transaction participants to enjoy the right of reconsideration,there should be a distinction between the wrong transaction based on the application and the wrong transaction based on the ex officio.The right to cancel the right to cancel the securities wrong transaction is the legislative authorization and the administrative authorization.In principle,the exchange of civil liability immunity enjoys the immunity of civil liability.Since the exchange has the dual legal personality of public and private legal persons,its behavior should be differentiated from the supervisory behavior and commercial behavior according to the standard of “the nature is the main purpose,the purpose is supplemented”,and the commercial behavior is conditionally given the exchange's civil liability immunity according to its purpose..The wrong transaction revocation right is different from the civil revocation right.Due to the consideration of the system cost and benefit,the transaction relative party's claim for civil damage compensation should not be given to the wrong transaction.