| The trend of global economic integration accelerates market internationalization enhances free capital flow; the development of modern telecommunication technology not only offers technical support for capital market globalization but also facilitates birth of new competition tools; security regulatory institution in each country has made market efficiency improvement as its target and attached great importance to protection of investors' interests, and carried out policy to encourage market competition. Under this situation, every major stock exchange around the world hae reformed and adjusted its trading system in the past 10 years, among which reforms of London and Paris stock exchange are representatives. Shanghai and Shenzhen Stock exchange have developed quickly since 1990s and they use "AutoMatching Electronic Auction System" as trading method. As China will join WTO and open its capital market, it's urgent to consummate and innovate the existing trading system, improve its competitive capability, optimize its functions such as capital support and resource allocation to economic development, and speed adjustment and upgrade of industrial structure. By analyzing the connotation of trading system, this thesis brought forward its own viewpoint on consummation and innovation of security trading system in China and expounded it in four parts through trading system, disclosure of trading information, measure to market stability and real-time monitor and control on basis of reference on major stock exchange systems.1. IntroductionThis chapter analyzes comprehensively on connotation of trading system and demonstrates the practical signification of consummation and innovation of security trading system in our country. Security trading system is trading -related operation rules, which are established by security exchange to fulfill its fundamental responsibility or attain specific purpose, with object of market liquidity, validity, solidity and transparency and to achieve this object through selection of trade commission method, price shaping system, disclosure of trading information, market stabilization measures and real-time monitor and control methods during security trading. Theoretically speaking, the four targets should be consistent. At the same time, market stability, liquidity and efficiency also have this kind of contradiction. So, each exchange chooses its trading rules based on its market characteristics and object preference. This selection is interactive with market operation, which is represented as positive benefit interactive relation and negative benefit interactive relation, and in this text, several examples were given to explain that. From international competition need of stock market, standardized development of stock market and trading system theory need, this article reasons practical significance for this problem.2. Consummation and innovation of trading systemAccording to trading process, price-shaping system (also called trading system) can be divided into continuous trading system and periodic trading system. The difference between them is that the result of continuous trading system is a series of bilateral deals at different price while the result of periodic trading system is one group of multilateral deal at the same price. In addition, according to the dominant strength of price shaping, it can be grouped to commission-driven system and quotation-driven system. When dealing price is matched by dealer's commission order, it is commission- driven system, it is quotation-driven system if dealing price is on the basis of dealer's quotation. This chapter makes thorough discussion on whether it needs to introduce "market maker system" in Shanghai and Shenzhen Securities Exchange or not based on comparative analysis of all the major exchanges around the world. For the characteristic of Shanghai and Shenzhen Securities Exchanges, after analyzing cost-benefit and market developing trend of "market maker system", this thesis puts forward that it should not introduce thi... |
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