网上证券交易:挑战、法律困境及出路

The online securities trading:challenge, legal predicaments & outlet

网上证券交易逐渐成为现代证券市场重要的交易方式和目标模式 ,其技术上的优势给现代证券交易提供了良好的发展机遇 ,其所造成的市场结构和交易条件的改变又对市场各方和现行法律形成了巨大的挑战。针对网上证券交易带来的主体、交易平台和系统、交易形式、安全和风险、监管、争议解决等方面的法律困境 ,应坚持“三公”和“保护投资者利益”原则 ,从监管体制、市场准入机制、场外替代交易类型、交易形式效力规则、风险安全保障、争议处理等六个方面完善相关的制度。

The online securities trading becomes the important trade way and goal mode of modern security market gradually, advantage on technology of which has provided the good opportunity for development of modern securities trading. The changes of structure of market and the terms of trade caused by network have formed the enormous challenge to each side of market and current law. The online securities trading has brought such legal predicaments of the respects as the subject, trade platform and system, trade form, security and risk, supervision, solution to disputes, etc.Direct against these questions, we should insist the principle of “Openness, Justice and Fairness' and 'Protect Investor Interests', and comply with the regulatory system, mechanism of market access, ATS, trade form and legal effect, risk security, dispute resolution etc. to perfect relevant systems.