Abstract: Contract plays a fundamental role in securities transactions, thus, contractual obligations are one of the basic types of obligations and liabilities in securities transactions. For protecting the interest of investors and the efficiency of the securities markets, nations have adopted corresponding legislations on strengthening information disclosure and on preventing and fighting against frauds, and it is usual that contractual obligations and tort liabilities are concurrent in securities, which civil liabilities have evidenced a progressive dilution of requirements. The increasingly popular adoption of arbitration clauses in securities transactions and the rapid development of financial derivatives also witnessed and reinforced the fundamental role of contractual obligations in securities transactions.