Research On Legal Issue Of Forced Liquidation In Futures Trading

Our futures market has been developed for more than 30 years,there is still no unified law to regulate the futures market.The legislation of the futures law has been in the drafting stage.The conflict and absence of legislation have led to the obscurity of the legal attributes and the unclear distribution of legal responsibilities for forced liquidation,and the neglect of protection for the traders' property rights.The implementation conditions of forced liquidation are not strictly recommended by law,resulting in continuous disputes in real transactions.By studying the legal attributes,the legal responsibilities and the implementation conditions of forced liquidation,it can improve the system of forced liquidation,strictly enforce the conditions of forced liquidation,establish a system of protection for traders,introduce the principle of proportionality,and promote futures legislation.The research starts from the status and the problems of the legal system.by adopting the normative research method,comparative research method and literature research method,it analyzed the different theories of the legal attributes of forced liquidation,briefly introduced China's mainstream academic views and amended the doctrine of transferring rights to obligations;The research analyzed the distribution of legal liabilities,focusing on areas where disputes frequently occur,such as over liquidation and failure to perform the obligations of the notification,and discovering the key causes;At last it suggested clarifying the legal attributes and liability system of forced liquidation,strict legislative recommendations on the conditions for the forced liquidation,the introduction of the principle of proportionality,determination for the protection of the property rights of traders,standardizing the implementation conditions and improving the system.The innovations of the research are as follows: Firstly according to the mandatory difference of the margin,the legal attributes of forced liquidation are divided into arbitrary mandatory liquidation and forced mandatory liquidation.The former is a private law right and the latter is a public law obligation;Secondly by analyzing the responsibility of the excessive liquidation and the failure to performnotification obligations the research measures such as introducing the principle of proportionality,legislating to standardize the notification obligation to clarify the mandatory liquidation liability and establish legal value options to protect the safety of traders' property;Thirdly based on the analysis of the legal liability for forced liquidation,the research divided the implementation conditions of forced liquidation into five items: subject condition,amount condition,time condition,obligation condition and risk condition,and put forward legislative proposal of strict forced liquidation implementation condition.