2009•Journal of Henan UniversityRequires access

Connotation and the Legal Status of Dematerialised Securities——also in view of the inherence of securities

Hao Zhang

Abstract

Dematerialised securities have played the significant push role to the development of securities market.The legal status of dematerialised securities is beginning to be established in finance legal system in every country.Dematerialised securities have three basic elements: registration,depository account and electronic information,containing a new right structure taking securities account as carrier.Dematerialised securities still has the basic attributes of the securities and securities accounts did not change the nature of the bearer securities just using the exchange technology of the registered securities.

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Key concepts: Broker-dealer, Hybrid security, Third market, Private placement, Investment banking, National best bid and offer, Business, Unit investment trust