约定购回式证券交易中标的证券流转的法律制度研究

发布时间：2018-04-23 05:38

本文选题：回购交易 + 标的证券　；参考：《华东政法大学》2012年硕士论文

【摘要】：回购交易业务中，标的证券的流转制度是保障交易顺利进行、维护交易安全、决定回购交易基本法律关系的重要制度设计，同时，回购交易中其他配套制度又大多与标的证券流转制度息息相关。从立法的原则上看，回购交易的标的证券流转制度通常需要满足以下三点，一是应当与上位法相适应；二是平衡交易双方的利益；三是保障交易的安全和效率。目前，我国回购交易市场存在的交易品种包括买断式国债回购、质押式国债回购、质押式报价回购、约定购回式证券交易等多种类型，交易场所也横跨银行间市场和交易所市场。随着我国融资融券业务的推出，各方对如何构造我国融资融券业务中标的证券的担保机制产生了很大的争议，提出了很多的观点。回购交易中标的证券的流转制度与融资融券业务中标的证券的担保制度具有一定的互通性，当然也存在明显的区别，因此，本文力图在现有回购交易实践的基础上，借鉴其他交易方法中的合理构造，，进一步完善回购交易标的证券流转的基本法律关系，并使之能在现行的法律环境中顺畅运行。本文主体部分由四部分构成。第一部分从证券回购交易的基本法律关系出发，区分不同类型的回购交易，并进一步介绍了约定购回式证券交易的基本概念。第二部分对现行回购交易模式进行梳理，并对各类型回购交易中标的证券的流转制度进行评价。第三部分结合现有制度，阐释约定购回式证券交易中标的证券流转的基本制度设计。第四部分针对约定购回式证券交易的标的证券流转制度，探讨不同账户制度设计的方式。
[Abstract]:In the business of repurchase transaction, the circulation system of the underlying securities is an important system design that ensures the smooth progress of the transaction, maintains the transaction security and determines the basic legal relationship of the repo transaction, at the same time, Other supporting systems in repo transactions are closely related to the underlying securities circulation system. In the principle of legislation, the circulation system of the underlying securities in repurchase transactions usually needs to meet the following three points: first, it should be adapted to the upper law; second, it should balance the interests of both sides of the transaction; third, it should ensure the security and efficiency of the transaction. At present, there are many types of transactions in China's repo market, including buyout bond repurchase, pledge bond repurchase, pledge quote repurchase, agreed buyback securities trading, etc. Trading places also span interbank and exchange markets. With the introduction of margin and short margin business in our country, many opinions have been put forward on how to construct the guarantee mechanism of the securities that have won the bid in the margin and short bond business in our country. The circulation system of the securities winning the repurchase transaction and the guarantee system of the securities awarded in the margin and short securities business have some interoperability, of course, there are obvious differences. Therefore, this paper tries to build on the existing practice of repurchase transactions. With reference to the reasonable structure of other trading methods, the basic legal relationship of the securities circulation of repurchase transactions is further improved, and it can run smoothly in the current legal environment. The main part of this paper consists of four parts. The first part distinguishes different types of repurchase transactions from the basic legal relationship of securities repurchase transactions and further introduces the basic concept of contractual buyback securities trading. The second part combs the current repurchase transaction mode and evaluates the circulation system of each type of buy-back transaction. The third part, combined with the existing system, explains the basic system design of the securities circulation. The fourth part discusses the ways of designing different account systems in accordance with the target securities circulation system.
【学位授予单位】：华东政法大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：D922.287;F832.51

【参考文献】