Research Of The Self-regulation In The Corporatization Of Stock Exchange

Self-regulation is a part of securities supervision which cannot be ignored andhave been important issues of securities regulation. Now the corporatization of stockexchanges in the world is hot, and our stock exchanges will join it. Thecorporatization will make the functions of the stock exchanges divided into two partsand make the conflicts of interest in securities exchange changed, which will have asignificant impact on the securities exchange self-regulation. But the self-regulatoryfunctions in China’s Stock Exchange has obvious advantages, there are alsorequirements for the company after corporatization.Self-regulatory functions cannotbe abolished in our stock exchanges. World stock exchange corporatization reform onself-regulation problems are mainly three modes-the same mode, split mode, transfermode. These three modes provides a lot of reference for our country’s securitiesexchange corporatization. We should take its essence, goes to its dregs. For thereconstruction of self-regulation after corporatization, firstly,we should from thelegislation, clear the stock exchanges and the self-discipline regulation, and secondlyreasonably coordinate the relationship between the administrative regulation andself-regulation,then,perfect the ownership structure and the corporate governancestructure in order to better safeguard the public interests and effective self-regulation.The power of the self-regulation in China’s stock exchanges is short, so we shouldimprove the exchange’s disciplinary system, giving the exchange more and greater regulatory authority. At the same time,we should carefully weight the pros and cons ofpublic and private power to formulate and improve the judicial intervention system,because of the current judicial dispute relating to the stock exchange.