The Research On Regulations Of Local Financial Assets Exchange

The local financial assets exchange is a platform for financial assets exchange to provide places and facilities.In our country,the financial assets exchange usually appears as an exchange or a transaction center.It plays an significant role in activating financial markets and promoting the liquidity of financial assets.At the same time,as a beneficial supplement to the multi-level capital market,the financial assets exchange broadens the financing channels of small and medium-sized enterprises and provides the source of living water for the development of local economy.As of September 30,2017,there are already 79 financial assets exchanges registered in China,and the number is rising.The rapid development of the financial assets exchange led to a series of problems,such as illegal securities and futures business,equity split and suspected of public offering,etc.These also exposed the absence of financial regulation.In 2011,the state council issued the "The decision of cleaning up all kinds of exchanges and effectively preventing financial risks"(State Council [2011]No.38).In 2012,the general office of the state council issued “ Opinions on cleaning up and rectification of various exchanges ”(General office of the state council [2012] NO.37).The release of the two documents opened up the clean-up of illegal trading in various exchanges.Subsequently,many provinces publish regulations on supervision and administration of the exchanges,which incorporate the financial assets exchanges into the local financial regulatory system.At present,the financial assets exchange is in the acceptance stage of cleaning and rectification.We can understand the development of China's financial assets trading market by studying the 79 financial exchanges in regulatory body,shareholder structure,registered capital,type of business,market positioning,trading system,etc.At the same time,we can sort out the problems existing in the current legal supervision system by analyzing the regulations of 23 provinces.At last,we can respond to the previous questions and provide suggestions for improving the supervision system of financial assets exchange in China by clarifying the legal position,delineating the business scope,improving the trading systems and establishing a diversified regulatory framework.Besides preface and epilogue,this article is divided into three parts.The first part is the introduction of basic connotation of financial assets exchange,the clarification of the concept of financial assets and financial assets exchange,the definition of legalposition of the financial,the introduction of the status quo of supervision of financial assets exchange.The second part is the introduction to problems of financial assets exchange by analyzing main properties,products,trading systems,regulatory systems.These problems include unclear legal position,non-uniform supervision standard of products,imperfect trading systemsf,unreasonable regulatory structure.Among them,we can find that the financial assets exchange has problems in self-regulation,through to the investor access system,information disclosure,risk prevention system.The third part is the system response to the aforementioned questions.By improving the legal system,the legal status of financial asset trading places is clarified.By demarcating the business scope and innovation supervision mechanism,we can solve the problem of product compliance in the fianacial assets exchange.By improving the trading system,the financial assets exchange can regulate itself better.By establishing a diversified regulatory framework,building a synergy mechanism for local financial supervision,building a self-regulatory mechanism,the regulatory path of financial assets exchange can be optimized.