期货强行平仓的法律属性及规则解释

The Legal Nature and Rule Interpretation of Mandatory Liquidation of Futures

对强行平仓法律属性的讨论应当区分法定主义与意定主义的法律调整方式。当期货公司或客户的保证金余额等于或低于法定最低限额时,强行平仓是一种义务,适用《期货交易管理条例》第三十五条;当期货公司或客户的保证金余额高于法定最低限额时,强行平仓的法律属性应依当事人之间的约定来确定,适用《最高人民法院关于审理期货纠纷案件若干问题的规定》第三十六条。在司法适用上,后者应当解释为是对前者的补充,是在前者规定了强行平仓法定实施条件的前提下,对强行平仓的约定实施方式进行调整的主要规则。

The discussion of legal nature of mandatory liquidation should distinguish the legal adjustment patterns which depends on statute and contract.When the margin balance of a futures company or client is equal to or below the statutory minimum limit,the legal nature of mandatory liquidation is obligation,and Article 35 of Administrative Regulations on Futures Trading should be applied.When the margin balance of a futures company or client is higher than the statutory minimum limit,the legal nature of mandatory liquidation should be determined according to the contract between the parties,and Article 36 of Provisions of the Supreme People’s Court on Several Issues Concerning the Trial of Futures Dispute Cases should be applied.In the field of judicial application,the latter should be interpreted as the supplement of the former,which is the main rule for the adjustment of the agreed implementation mode of the mandatory liquidation on the premise that the former stipulates the legal implementation conditions of mandatory liquidation.