大金融監管格局下證券交易配資的屬性統合與規制思路

Integration and Regulation of Stock Exchange Allocation

各類形式的配資關係至今仍然在證券交易中出現。在現今形成的、強調跨領域性的大金融監管格局下，對其法律屬性應有一個統一性的認識，以更好地防範金融風險。配資關係出現的主要目的在於通過人與人、人與物關係之重塑，基本消除借貸關係中的主要風險。場內外不同形式的配資關係具有商事構造的同一性，應當被視為一種具有整體性權利義務的獨立合同關係，不同於擔保或信託關係。不同配資關係的核心制度設計均在於實現資金配出方對證券賬戶的控制權，包括日常監測權和約定條件下接管賬戶的權利。證券公司融資業務通過成文法授權開設的專用證券賬戶，民間配資、金融機構的結構化信託／結構化資產管理計劃通過配出方的賬戶提供，均實現了此功能。基於互聯網技術的傘形信託與仿傘形信託分倉模式並未改變賬戶提供關係的橫向本質，只是通過賬戶的多層級縱向構建加大了配資的規模。不同配資關係的商事構造的同一性、司法實務意見對配資關係有效性的實質趨同、對配資的比較法規制經驗均有助於證成不同配資關係的私法屬性的同一性，在公法上也應將它們統合納入統一監管體系。

Various kinds of margin trading remain to be a significant phenomenon in the securities market today. It is essential to understand these relationships in a uniform way for the sake of preventing and handling financial risks. Margin trading emerges with the aim to reshape interpersonal relationship and person－property relationship to eliminate the credit risk and most of market risk inherent in the loans for trading. The rights and obligations with margin trading constitute a whole new type of contract which fundamentally differs from loan or stock pledge. All kinds of margin trading operate with a key institutional design of securities account control rights, including right to daily monitor the account and right to conditionally take the account over and to sell the securities within, possessed by the fund provider. ''On exchange'' margin trading by securities companies is based on the statutory authorization and a special securities account to achieve this function. Off－exchange margin trading, structural trusts and structural asset management plans achieve the asset control right by securities accounts from fund providers. Umbrella trusts and account－establishing software do not change the horizontal essence of account providing, but enhance the anonymity and leverage, multiply the supply of accounts by a vertical system. It is advisable to recognize the unity and uniformity of legal characters of differing margin trading since various types of margin trading share the same legal structural, judicial opinions are converging to recognize the de facto validity of margin trading after the 2015 Stock market Crash. The regulatory experiences drawn from the advanced jurisdictions also support this approach. All margin trading should be treated as the same category of valid contract, and be regulated in a transparent and comprehensive system like the U. S..