证券交易异常情况处置的制度完善

我国目前对证券交易异常情况处置的制度规定存在着明显的缺失。因重大差错而产生的交易异常情况还未正式纳入法律制度框架,暂缓交收的处置措施缺乏完整的制度设计,而撤销交易这一域外已发展成熟的制度在我国仍然处于空缺状态,因交易异常以及交易所的处置行为而产生的法律责任还未明晰。因此,补充引发交易异常的情形、改进与拓展交易异常情况的处置措施、厘定交易异常情况及其处置中所引发的法律责任,应成为今后制度设计的重点。

Perfecting the System of Dealing with Unusual Circumstances in Securities Transaction

The system of dealing with unusual circumstances in securities transaction in China has outstanding deficiencies.The unusual circumstance in transaction caused by significant errors has not been regulated under the framework of legal system.There lacks complete system design for measures dealing with the circumstance of deferrable settlement.The system of revocable transaction is still void in China despite a well-developed system overseas.Legal liabilities due to unusual transaction and exchange’s act of disposition are still obscure.Therefore,the future system design should attach importance to supplementing the circumstances leading to unusual transaction,improving and extending the measures dealing with unusual circumstances in transaction and clarifying unusual circumstances in transaction and legal liabilities arising from dealing with these circumstances.