The Stock Exchange Self-regulatory Mechanism In The Future To Choose Direction

Stock exchanges play important roles in the security market. They also should be seen as the centered and "first-line" supervisory organizations in this area. This article takes based on the present conditions of stock exchanges in china, Researches on the "Self-discipline" system and legal form of stock exchanges. Stock market in China is fairly young. Though having grown rapidly, stock exchanges have no clear orientation for their legal form. Nowadays the bureaucratic tendency even erodes exchanges' creativity and efficiency. Demutualization has been a successful option for many stock exchanges, whether in developed or emerging market. Experience of these exchanges provides us good examples for reference. Stock exchanges should constantly improve their corporate governance and carry out ambitious development strategy. In the long run, stock exchanges in China should strengthen themselves and try to set up their own brand advantages in the international capital market.After the explanation of the basic theories of the securities supervision legal system, the article relatively analyses and probes into the regulatory system of securities, the supervision legal system of the securities issuing and exchanging, and the supervision legal system of securities management institutions and the securities professional service institution. This article bases itself upon the theory and practices in the developing process of our securities supervision legal system. At the same time, the article also concludes the successful experiences of foreign countries in order to form the legal frame of our securities supervision legal system and promote the standardization and institutionalization of our security market.