الفهرس 
الباب الاوليوجد فقط 14 صفحة متاحة للعرض العام
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المستخلص
Short selling is a system in which securities that are not owned by the seller are sold upon completion of the sale process, and actual delivery is made by means of papers borrowed from his broker, and these securities are then bought later when their market value falls below the value they were previously sold, and this type of transaction is subject to the expectation of The seller, who in this case is speculating on the decrease in the market value of the securities subject of the transaction, and if the opposite happens and the prices tend to rise and the delivery date approaches, this would expose the investor to huge losses that the ordinary investor cannot control, which is among their liquidity mechanisms that In the market, where all fields are opened to the speculative investor. In Egyptian law, it means “the agreement between the brokerage company and one of its clients that the company, on behalf of the client, borrows securities owned by another party (a lender) through the securities lending system, for the purpose of selling these securities and returning them at a later time under the terms of the agreement. Lending securities for the purpose of selling them means the agreement between the custodian and one of his clients that the custodian offers the client’s securities for lending to others through the securities lending system, and the lending takes place against a return determined in accordance with the rules of this system. The importance of talking about short selling: The importance of the study comes in terms of: 1- The prevalence of dealing with it in global markets and its widespread spread among them; Which calls for the necessity of clarifying the nature of short selling and all its legal aspects. 2- The stock market’s decision to deal with it not only at the internal level, but also at the international level - as well -; This came to keep pace with modern developments, allowing all people to deal with this mechanism. 3- The difference of economists regarding short selling, between those who support it; Because of its investment benefits, and its opponents; Because it brings many harms; Which necessarily calls for the manifestation of some of its circumstances and the risks resulting from it, so the importance of the research appears from the fact that it seeks to benefit from the modern and innovative developments of the mechanisms of trading in the stock market. 4- Also, there are some stock markets in a state of doubt about the appropriateness of short selling and working with it, and some markets in Arab countries that do not allow it to be implemented except timidly; Because there are many risks that may result from it. Research Methodology: Given the importance of the topic and the recentness of its organization in Egyptian law and Arab legislation, by setting laws and regulations to deal with that mechanism, and this study has relied on the following: 1- The descriptive approach and the analytical approach: the research depends on the ””descriptive approach and the analytical approach””, which is consistent with the nature of its subject and objectives. 2- The comparative approach: where the study relied in several places on the comparative approach between Egyptian law and Arab laws in addition to French and English law in other places. Results: By completing our presentation of this thesis, we reached several conclusions, including: First: Trading strategies such as short selling and margin trading have an undeniably important role in the development of capital markets in different countries. Short selling is one of the most popular and widely used financial instruments in the traditional capital market, providing liquidity, reducing high-priced stocks, and generally increasing the efficiency of markets. Second: Short selling is a trading strategy that seeks to take advantage of the expected decline in the price of a security whereby the short seller attempts to sell at a high price and buy at a low price. It also includes a multi-step process. And that mechanism is not a product of this era of time, and it is not new, but rather dates back to the seventeenth century, and even beyond that. Third: This type of mechanism - short selling - confuses many individuals. Because it is the opposite of the normal investment in securities, which is based on the existence of a period of time between the sale of a particular share and then the repurchase of this share, but the buying and selling strategy is based on the investor’s expectations of a downward trend in the price. In Egypt, the short selling mechanism is conducted according to specific regulatory frameworks, and the talk about the mechanism of borrowing securities for the purpose of selling began since 2005 AD. Fourth: The legal nature of short selling is not a single contract, but rather we are in the process of a complex process that takes place in several stages, and is covered at each stage with a different legal robe, with which the legal rules and procedures followed differ. Fifth: Short selling does not apply to all securities traded on the stock exchange, but rather to those that meet the legal standards set by the stock exchange and approved by the Financial Supervisory Authority, and the conditions and controls required by law. Sixth: The mechanism of borrowing securities for the purpose of selling is a balancing mechanism between supply and demand in the market, especially with the application of the system of margin buying, since the mechanism of margin buying supports the demand side of the market, and on the other hand, the mechanism of borrowing for the purpose of borrowing the selling side of securities To achieve the aforementioned balance in the market.