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融资融券试点在我国推出一年来,业务量并未达到券商的总计可用限额,业务增长空间远远没有释放。由于没有“转融通”机制,融资融券发展遇到“瓶颈”。为此,监管层正在积极推进证券金融公司的筹建工作,以构建我国的转融通制度。我国转融通业务的模式选择以及在该模式下各方的权利义务关系如何,成为值得探讨的问题。
In the past year since the pilot launch of margin financing and securities lending in our country, the business volume has not reached the total available quota for brokerages, and the business growth space is far from being released. Because there is no “transfer system ” mechanism, the development of margin trading encountered “bottleneck ”. To this end, regulators are actively promoting the preparatory work for the formation of securities and financial companies in order to build China’s system of interchangeability. The choice of the mode of China’s turn-around business and the relationship between the rights and obligations of all parties under this model have become worth discussing.