客户保证金是投资者为买入证券存入证券公司的资金,即“客户交易结算资金”。我国证券市场启动之初,保证金划归券商管理,主要是出于分离银行业和证券业的考虑。由于我国没有实行信用交易制度,投资者要买入证券,必须事先在证券公司存入资金。投资者为方便交易,卖出证券后所得资 Customer margin is the investor to buy securities deposited in the securities company funds, namely “customer transaction settlement funds.” The beginning of China’s securities market was started, the security deposit under the management of brokerage, mainly for the sake of separation of banking and securities industry considerations. Since China does not implement the credit transaction system, investors want to buy securities, securities companies must first deposit funds. Investors to facilitate the transaction, the proceeds of selling securities