我国期货保证金的法律性质和权属  

The Margins Nature and Ownership of Chinese Futures Market

作　　者：万国华[1] 李铭[1] 

机构地区：[1]南开大学法学院

出　　处：《南京社会科学》2015年第6期102-109,共8页Nanjing Journal of Social Sciences

摘　　要：国债、股票等有价证券作为期货保证金的广泛引入,将改变以货币资金作为期货保证金的市场传统,并削减了其支付结算职能,而回归到交易担保物的本质。据此期货保证金原则上应属于作为出质人的期货交易者,而利息等法定孳息可由合同约定或依交易习惯归属于期货公司。同时,考虑到未来可能出现的银行承兑汇票等新的保证金形式,也需要调整《担保法》司法解释和《票据法》司法解释的有关规定,并在《期货法》立法中予以明确。The provision that 'Margins can be used for settlement'of 'the Regulation on the Administration of Futures Trading'is simply based on the general characteristic of cash. After securities can be used as margins,the function of settlement cannot be achieved virtually. Therefore,margins need to return to the nature of trading collateral. From the perspective of collateral regulation,the margin is consistent with the general characteristic of properties pledged. Therefore,margins shall be attributed to the customer who is the pledger,and all interests or any benefit generated by margins could be attributed to the futures company in accordance with trading custom. In the meantime,given that there would be more new possible forms of margins,like bank acceptance bill,etc.,the judicial interpretation of Guaranty Law and Negotiable Instruments Law should be adjusted,and an overall arrangement should be made in the Futures Law.

关 键 词：期货法 保证金 货币资金 所有权 质押财产 

分 类 号：D922.287[政治法律—经济法学]