Research On The Perfection Of The Margin Legal System Of Futures Trading

The degree of development of the futures trading market directly affects the degree of opening and development of the financial market.With the gradual increase in the types of futures trading in our country and the gradual expansion of the futures market,the improvement of the legal system related to futures trading has become particularly important.A common method for managing settlement risk in futures trading is to guarantee the profit and loss of the transaction by submitting a margin.In the futures trading margin trading mechanism,the collateral used as margin is stable value and liquidity cash and marketable securities.The futures trading rules require no liabilities on the day,and the price and quantity of collateral fluctuates during the guarantee period.Therefore,it is different from the typical types of security real right in the current Security Law.The rules of forced liquidation under the futures trading rules and the bankruptcy administrator's contract selection right in the Bankruptcy Law are inconsistent;the provisions for invalidation of individual settlements and the bankruptcy administrator's right to cancel within a critical period will affect the effectiveness of the guarantee of the margin on the profit and loss of the transaction.These conflicts and contradictions have caused the security effect of futures trading margin to be in an uncertain state,and the guarantee effect has not been fully realized.The existing laws and regulations related to the futures margin system are generally low-level.Once extreme conditions occur,the relevant rules of the Guarantee Law and the Bankruptcy Law will directly affect the effectiveness of the futures trading margin system.Low-level laws are vague or erratic in their contradictions with higher-level laws,and they are still unable to resolve the contradictions facing the margin system.This dissertation proposes that in order to resolve the contradictory issues between the margin rules and the existing law,three key issues must be addressed: understanding of the "specific" concept of collateral in guarantee law,the connection between guarantee law and bankruptcy law,and the order of choice for the security of futures transactions and the protection of bankruptcy creditors and debtors.In response to the above three problems,this dissertation proposes the following solutions: First,the basic legal relationship of futures trading deposits should be identified as a pledge relationship.The specific operation of the margin account meets the "guarantee specific" requirements of the guarantee law and the additional margin during the critical period is a whole with the previous margin.Second,after the transaction margin is recognized as a pledge relationship,futures trading should enjoy the exemption right of "secured claims" at the time of bankruptcy,and it is preferentially used for settlement of futures contracts.Third,pay more attention to the prevention of systematic financial risk,establish the principle of futures settlement finality.Futures settlement is not affected by bankruptcy procedures,and bankruptcy administrators have no right to interfere.These three proposals are interlinked and work together to ensure the effect of real right for futures contract margins.