The Research On Self-regulation Institutions Of Securities Exchange

Securities market is a high-risk market. It is of great importance to develop a country's economy. If improperly operates, it would result in economic crisis and even social crisis, so security supervision should be emphasized (including self-regulation and governmental supervision). Securities exchange has the important position as the securities transaction platform, the securities transaction heart, the securities transaction link as well as the securities transaction self-regulation organization,therefore,the self-regulation institutions of Securities Exchange in the securities market appears to be particularly important. Scholars often emphasize governmental supervision when they do some research in securities, but the basic theory of self-regulation institutions of Securities Exchange (including legal implications, economic analysis, function and mode, and so on )and the system consummation is ignored by some people and even less the study from legal aspect.At present, international securities supervision appears to be of advolution trend, so those "governmental supervision dominating" countries strengthened self-regulation, and those "self-regulation dominating" countries also strengthened governmental supervision. They all pay attention to seeking for the support from "the opposite", the division and cooperation are the development tendency of self-regulation institutions of Securities Exchange nowadays. The direct initiator of our country' Securities Exchanges is our government, and the model of our country is "governmental supervision dominating", which lacks the independent legal status and the autonomous space, so governmental supervision plays adominant role in securities supervision system. New《Securities Law》and《Measures of Securities Exchange》stipulate the position and function about Securities Exchanges ,but the role of self-regulation is extremely limited. Though the position,form and function of self-regulation vary in America and United Kingdom, it can not be replaced by the governmental supervision .China should perfect self-regulation institutions of Securities Exchange, obtaining the successful experience from other countries.Our country needs urgently to carry on the construction of self-regulation institutions of Securities Exchange from four aspects: Firstly, reducing the administrative attachment and unifying the regulatory authority; Secondly, affirming the self-regulation status of Securities Exchange; Thirdly, improving the internal management system of Securities Exchange; Fourthly, perfecting the supervision of judicial intervention and strengthening the supervision of the society . Being the most important self-regulation organization,Securities Exchange should adapt to ever-changing international environment, and be demutualized . Our country should build and perfect the dual supervision system of "the Securities Exchange supervising market is superior to the government (Securities Exchange is supervised by the government)."The research of self-regulation institutions of Securities Exchange has important theoretical and actual significance for it.