International Comparison And Study About Self-regulation Of Stock Exchanges

In the system of negotiable securities supervising and managing, stock exchange stands the first line and it is the most important and direct expression. To be the flat roof of list and exchange of listing companies, it is the most sensitive part in the system of negotiable securities supervising and managing. In the process of supervising, self-regulation of stock exchange should go with government supervising and enforcement of law, but we cannot deny self-regulation has the advantage that government supervising does not have. So presently the world trend of negotiable securities supervising and managing is to clear legal position of stock exchange more and strengthen self-regulation of stock exchange. In the article, part one discusses the character, legal position, the function of market supervising and source of the function of stock exchange. This part clarifies the legal characteristic of stock exchange and the necessity of the self-regulation. Readers can have a general knowledge the self-regulation of stock exchange. Part two discusses historical evolvement of stock exchange's self-regulation, advanced modes of negotiable securities supervising and managing of other countries (region) and then analyses cause of these modes' appearance and the international experience of constructing the self-regulation of stock exchange. This part aims to argue that the country's specific background affects its mode of stock supervising and China can use these experiences for reference but can't be blindfold. Part three firstly discusses the situation of China stock exchanges from legal angle, that is, the legal bases of self-regulation and legal status of stock exchanges, and then analyses the cause of formation of China stock market which is different from other countries'. Secondly, this part tells the complexion of China stock self-regulation and the deficiencies. This part lastly makes some suggestions according to aforesaid analysis, including suggestions about legislation, administration and stock exchange's build and so on. In total, Our country stock market is urgent needs to strengthen the self-regulation system construction, the enhancement stock exchange's independence, cleans up the autonomy, heteronomy the power and responsibility boundary. The stock exchange can with the stock market take the most important autonomy organization, must adapt unceasingly develops the change international environment, carries on the essential reform. In our country, the self-regulation and government supervising all cannot be few, should establish"by the government supervising and managing autonomy organization, the autonomy organization supervises and manages the market primarily, government direct supervising and managing market for auxiliary"multi-level supervising and managing system.