The Study Of China’s Stock Trading Mechanism Design And Change

The functions of the capital market, relies heavily on securities transactions, securities trading mechanism has always been one of the key system of the stock market. The stock exchange has always been the core of the securities trading mechanism design and change in economic development and competition into the era of globalization today, the pros and cons of the securities trading mechanism to a large extent determine the competitive advantage of the various securities markets. Since the1990s, the securities trading mechanism has become an important area of modern finance theory and institutional economics. Therefore, the securities trading mechanism design and change not only the core topic of China’s securities market, how to build a match with the world’s second largest economy, a strong stock market must answer an urgent task.In this paper, using a combination of research methods, formal logic, mathematical models and geometric analysis, econometric analysis, comparative institutional analysis, game theory, behavioral finance analysis method, law and economics analysis methods and other analysis tools. These papers attempts a comparative analysis of a large number of first-hand information, analysis and verification of domestic and international securities trading mechanism design and change key factor in the evolution and trends, from the abstract to a general sense of economic theory, and thus gradually establish a securities trading mechanism design and change the overall framework.Stock exchanges around the world, no matter how much its size and business, its core function is always the securities trading, securities trading mechanism has thus become the core system of the stock exchange. World stock market200years of development history shows that the development of the securities trading mechanism has its inherent laws, no matter which market securities trading mechanism in the design and change must be understanding of the law, respect for the law, the flow. Existing securities trading mechanism to adapt to emerging and transitional period in the closed condition of China’s capital market, but not suited to the internationalization of RMB era full liberalization and the maturity of the Chinese capital market. Stock Exchange on the ability to organize securities trading with the world-class exchanges exist significant gaps, has become the Achilles heel of one of China’s securities market. In this paper, to take the way of sub-system integration, system design and change of China’s securities trading mechanism research, securities trading mechanism to analyze how to do, now how, who is going to change, how they change in the future and other major issues.This article first monographic study the concrete practice of the overseas market securities trading system the to answer global securities trading system in the end is a "how to do". Trading system for trading business services, and therefore subject to the business development, subject to the mode. Examine the evolution of securities trading system history, can be found in two main lines:First, the trading mechanism, trading organization system. The trading mechanism is designed to solve what transactions to trading securities, as well as how to control the transaction process. And market orientation the trading organization system is designed to solve the Securities and mechanisms with the problem. Different securities markets in the process of its evolution, the formation of complex and simple trading organization system. This paper compares the concrete practice of the major overseas stock exchanges, specializing example, cause and trend analysis of the organizational system of the Stock Exchange, and securities trading business to focus on profiling the Shanghai Stock Exchange, for example, basic type of innovation strategy and development trend.Secondly, the Chinese securities trading system in an international perspective in a comparative analysis of how to "answer the China Securities Trading System. How to objectively assess a market securities trading system is the most important issue of the securities trading system design changes need to be addressed. The analysis from the the horizontal international comparison with longitudinal history two ways to answer this question. First, according to the objectives and principles of securities trading system designed to establish the evaluation index system of securities trading system, securities trading system of the status quo of China’s market assessment based on an international perspective from the horizontal. Second, analysis of the quality of the different historical periods of the same securities market trading system from the vertical angle, through the establishment of the Securities and Exchange system efficiency index is calculated to provide a quantitative analysis tool. Based on the above work, a combination of longitudinal and transverse, qualitative analysis and quantitative estimates matched set of securities trading system analysis tool.This paper focuses on the main factors of the securities trading system design change, to answer the problem of who is going to change "the evolution of history, through the analysis of the development of the securities trading system, found that the stock exchange has always plays in the securities trading system design and change a key role, and with the membership to the evolution of the company made the decision of the stock exchange also expanding, trading system design goals have gradually shifted from the focus on equity emphasis on efficiency. By the historical evolution of the system of the Shanghai and Shenzhen Stock Exchange front-end control system and the development trend, this article reveals the hands of the "regulatory" hidden in the Chinese securities trading system, the regulators will embed Chinese securities trading system design and important factors that must be taken into account in the study of change, which is an important reason for alienation of securities trading system, as well as lagging behind in international comparisons.This paper presents the basis of parts of the securities trading mechanism in the securities market system, can play a domino effect on the securities trading mechanism and change the most basic parts of the system structure, located in the system through the reform, like tear down the dominoes interrelated system of structural reform. This article focuses on the research strategy and the specific embodiment of the change of the securities trading mechanism, how they change in the future answer for the future of the China Securities Trading mechanism ". This paper argues that the two major problems that must be addressed in the current development of China’s capital market must be true to the interests of consumers in the first place, the regulatory system must have a high degree of transparency. Therefore, the Securities and Exchange institutional change must adhere to market-oriented the legalization and international goal, handle the innovation, development and stability of the relationship; deal with the relationship between matching good product innovation with investors; handle the spot and derivatives balanced development of the relationship; handle the financial innovation involved in the relationship between the parties. This paper specifically designed strategy of three-dimensional space, the Securities and Exchange institutional change that market transformation strategy, trading strategies for change, products change strategy. This paper specifically designed a series of innovative combined five categories of the market (the stock market, the bond market, the fund market, derivatives market and over-the-counter market) based on the two dimensions of each product type and transaction matrix, as the guiding framework of the trading mechanism in the future development of change. In this paper, five securities trading mechanism of concrete measures to change create differentiated trading mechanism, vigorously develop the block trading market as soon as possible to establish the basis of the derivatives market, the establishment of a market-maker system, the gradual implementation of the rotation trading mechanism.After30years of reform and opening up, China’s economy has grown to become the world’s second-largest economy, has grown from a planned economy completely closed body developed into a degree of openness of economies deepening capital markets, with the deepening of the RMB overseas process, highest degree of protection as the financial markets are also part of the to face fully open. And we are faced with a dollar standard-based system on top of the turbulent global economic and financial environment, the United States, Britain, Japan and other major Western countries by holding international organizations, joint development of international standards and force the adoption of other markets, etc. In fact monopoly the international securities trading mechanism, therefore, actively promote China’s securities trading mechanism design and change research has both theoretical significance, but also has a practical significance, because of China securities joint efforts of practitioners.