The term “personal collateral” contrary to “financial collateral” is used to show the decreasing of default risk of capital market participants and paving the way for fulfillment of obligations in the primary and secondary markets. Depending on the subject and the committed commitment, it has different types and special requirements. The Guarantor in these transactions has legal personality and is chosen from special and reputable agencies and in some cases, its appointment would depend on the decision of the guaranteed. The guarantor’s undertaking and the independence of its obligation and guaranteeing of the future debt, would distinguish the stock exchange personal collateral not only from the contractual collateral, but also from other types of personal collateral and gives it especial nature. In this research, the nature of the stock exchange collateral is examined in light of its specific features, with analytic-descriptive study of legal viewpoints and the securities laws and regulations in this regard.
