我国期货市场有价证券充抵保证金制度的法律构建  

Institutional Construction of Margin Securities in the Futures Market

作　　者：梁艳[1] 

机构地区：[1]上海交通大学凯原法学院,上海200240

出　　处：《法学论坛》2015年第4期28-35,共8页Legal Forum

基　　金：国家社科基金项目<现代权利理论研究:以"意志理论"与"利益理论"评析为起点>(11BFX006)的阶段性研究成果

摘　　要：期货市场有价证券充抵保证金实务的核心问题是以何种法律路径作为基础构建具体制度规则。域外实践提供了三种法律路径:信托、让与担保和权利质权,这些法律路径虽各有优势,但在我国现行法律框架下也都面临种种障碍。比较而言,权利质权路径更能平衡当事人的利益,与我国现行法律衔接更为顺畅,保持了法律的稳定性和系统性。采用权利质权路径,需要扩大适用转质押的证券范围,并在质押登记方面进行制度创新,提供更详细的规则来高效的实现担保权。The legal approach to construct the margin securities system is of great importance issue to the futures market. There are three legal approaches from foreign laws ： trust, chattel mortgage and pledge, each of these routes have obvious advantages and there also exist some obstacles under current legal regime. Based upon the comparative analysis, it seems that the pledge is the most fair and efficient one. The pledge approach can keep the right balance between the customer and broker, solve the problem of legal cohesive requirements, and maintain the stability and legitimacy of law. Under the pledge approach we should expand the scope of repledge to cover more types of securities, improve the systems of securities pledge registration and provide more detailed rules on enforcement of security interests.

关 键 词：保证金 证券 权利质权 让与担保 信托 

分 类 号：D912.287[政治法律—民商法学]