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On the legal property bond repurchase

Author: ShaLing
Tutor: LiYongJun
School: China University of Political Science
Course: Civil and Commercial Law
Keywords: Bond repurchase Registration buyback Standard coupons Pledge
CLC: D922.287
Type: Master's thesis
Year: 2006
Downloads: 192
Quote: 4
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Abstract


National debt repurchase (REPO) is trading on national debt and capital, that is capital holder and national debt holder reach an agreement of trading on national debt on trading day, and national debt seller promise to buy it back on the maturity and in fixed price .The basement of REPO is close restriction system, clearing time arrangement system, chair clearing system, term structure system and standard security system, all of which are quite complex. The REPO in exchange market is much more complicated than it face to face , because the legal relationship has been changed, so the legal relationship of REPO is very complex. In centralized trading system, between the investor who in REPO trading and the security company is trust relationship. There is no direct relationship between the investor and the CCP or the market relativities. As far as the custodian and clearance of national debt, the relationship of the investor, the security company and the CCP is the secondary, that is between the investor and security company is custody and clearance relationship, between security company and CCP is another custodian and clearance relationship, which calls“2-class custody”and“2-class clearance”in the code of security.When we talk about REPO, we should know that the object of REPO is the standard security, the investor’s national debt has been impawned when he registered. When the investor fails to fulfill the obligation, he will be punished.The security market has some characters different with the common merchandise market such as electronic and central trading. The guaranty relationship is special and challenging to the current law. In principle, the right of pledge accords with the code of guaranty, but it is more similar with the guaranty of transfer, the origin of which is test cases in Germany. In China, there have been a lot of practice which needs the support from the law, so we should set up such a system.In the adjudgment on REPO, we should affirm the advantage of the pawnee of goodwill and make the pawnee can exert his right.

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CLC: > Political, legal > Legal > Chinese law > Financial Law > Securities and Management Act
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