Analysis On The Legal Problems Of Securities Exchange

Securities exchanges are the places at which centralized trades of securities are carried out in an organized way and are the front line regulator of security market. Securities exchanges are the most important self-discipline organization in the security market. The security market which is formed by taking the securities exchanges as the cores is important treasure of a country. The new Security Law which is proclaimed at Oct. 27th, 2005 surges new upsurges in the discussion of the questions concerning securities exchanges both theoretically and practically. This article, in conformance with this trend, discusses some questions of securities exchanges, such as the structural mode, self-discipline and the co-relationships with listed corporations and member corporations, for hope that some view can be carried out on the current reform practice of securities exchanges.There are four sections in this article except foreword and conclusion. The first chapter of this article some basic principles concerning securities exchanges are introduced, firstly two basic organizational mode of securities exchanges, i.e. Member-owned System securities exchanges and Investor-owned System securities exchanges, the current mode of our country's securities exchanges is analyzed; Secondly, the service and supervisory functions of securities exchanges are introduced, the respective relationship between securities exchanges and listed companies are analyzed, and the responsibilities and obligations of the securities exchanges in our country are introduced.The second chapter mainly introduces the historical evolutions of the concerned foreign legislations, focusing on those in the U.S. and Japan and their related institutions and legislations. At the same time, in connection with our country's realities, the ways in which foreign theories and practices can illuminate the securities exchanges legislation in our country are discussed.The third chapter, by taking our country's realities into consideration, analyzes the actualities of our country's securities exchanges and points out the existing problems. Firstly comes the analysis on the alteration and progress in the part of securities exchanges in 2005 security law; secondly while clapping for the progress some questions that still exist are brought forward.The forth chapter, based on the sum-up of the questions and references of the above text, advances the writer's suggestions to the future development of our country's securities exchanges. The writer suggests that at this moment our country should sure-footedly perfect its Member-owned System securities exchanges, at the same time roundly construct the securities exchanges'institution of self-discipline on the basis of the 2005 new security law, clarify the relationships between securities exchanges and listed companies respectively. For hope that our country's institutions of securities exchanges will be intact.