Study On The Self Supervision Of Stock Exchanges In China

The stock exchange is a place where securities are listed and traded.It has an irreplaceable effect on the stability and development of the securities market.The self-regulation of the stock market by the exchanges has advantages such as professionalism and flexibility,and its effective role can promote the healthy operation of the securities market.Compare the self-regulatory functions of different exchanges,find out the general and regular contents of the self-regulatory function of the exchanges,analyze the self-regulatory supervision of the exchanges from the perspective of functional rules,and find out the problems in the function content and operation of the exchanges in China.Analyze the legal reasons behind these issues and contact them to put forward sound suggestions from the legal point of view.The most important issue in the self-regulatory supervision of the China Exchange is the excessive intervention of the administrative power over the self-regulatory supervision of the exchange,resulting in the lack of:independence of the exchange and the limited scope of self-regulation.To solve these problems,it is first necessary to establish the independent personality and status of the exchanges,to maintain distances from the administrative agencies,to define the scope and functions of their respective supervision,and to prevent the administrative power from excessively intervening in the self-regulatory supervision of exchanges.At the same time,the self-regulatory authority of the exchange is not effectively supervised as it does not actively perform supervisory duties and abuse of power.Clearing the legal responsibility for self-regulation of exchanges and establishing a judicial review system for self-regulatory behavior of exchanges is of far-reaching significance for the active self-regulation of exchanges.