论文部分内容阅读
客户保证金历来是中国证券公司最大的一块奶酪。然而从严格意义上讲,这块奶酪并不应该是指保证金本身。因为客户保证金属客户资产,而非证券公司资产,证券公司在其中只扮演存管人的角色,而没有任何处置权。 但是,中国的证券市场竟有着这样一个三角怪圈:客户无法知道自己的资产被挪用,监管方无从了解保证金是否被挪用,于是证券公司便肆无忌惮地长年挪用客户的资产,并一直逍遥法外。
Customer Margin has always been the largest piece of cheese in China’s securities companies. However, in the strict sense, this piece of cheese should not mean the margin itself. Because customers secure metal client assets, not securities company assets, securities firms play only the role of depository and do not have any disposal rights. However, China’s stock market has such a triangle of circles: customers can not know their assets have been misappropriated, regulators have no way of knowing whether margin misappropriation, so unscrupulously securities companies misappropriation of customer assets, and has always been impunctual.