Research On Stock Exchanges' Regulation In The Securities Market

As one part of the investment market, securities market plays an important role in a country's economy. In order to protect the normal operation of securities markets, countries have set up the securities regulatory system, by the supervision of government and stock exchanges to protect the orderly development of securities markets. As the organizer of the securities market, stock exchanges use their natural advantage to regulate securities market. Stock exchange is a frontal supervisor and manager of securities market.After 20 years'development, China has established a relatively perfect system of securities supervision, but, in practice, a large number of illegal behavior is still filled with the securities market. The securities supervision is inadequate, especially the regulation of stock exchange. Through the analysis of the status quo of Chinese stock exchange regulation, it is easy to find that stock exchanges in the securities supervision not only lack clear regulatory authority, but also lack regulatory power. In many cases, there are no clear boundaries between the government and stock exchange supervision in the existing laws and regulations, existing cross-regulation between them, which hindered the effective implementation of the right to stock exchange regulation. The limited competition, unperfect judicial and administrative supervision system makes the stock exchanges lack the impetus to supervise and curb the momentum of the stock exchange conscious control. In this paper, by the study of foreign mature markets, the writer thinks we can improve the securities stock exchange regulation by fixing the stock exchange regulatory authority and establishing the incentive issue of regulation. I hope these suggestions can make a help to improve regulation of our county's stock exchanges.