1991年沪深证券交易所成立后不久,证券交易所市场基本实现了证券无纸化发行、登记、托管和结算。截至目前,无纸化证券在我国已经发展了十余年,然而无纸化证券有别于传统有价证券的特点没有引起充分重视,基于无纸化的证券持有、交易、抵押活动产生的法律关系,始终处于无法可依、有法 Shortly after Shanghai and Shenzhen Stock Exchanges were established in 1991, the stock exchange market basically realized the paperless issuance, registration, custody and settlement of securities. Up to now, paperless securities have been developed in our country for more than ten years. However, the characteristics of paperless securities that are different from those of traditional securities have not been given sufficient attention. Based on paperless securities holding, trading and mortgage activities Legal relationships are always beyond law and there is law