试论虚拟网上证券交易场所的法律监管

On the Legal Supervision of Dummy Stock Exchange

虚拟网上证券交易场所作为一种智能化的交易系统,允许投资者直接进入交易系统交易,一方面为我国大量未能上市的各类证券提供了流通场所,另一方面也对传统的法律监管构成了挑战。对之无论是按证券公司监管还是按证券交易所监管,都存在一定的困惑。就我国实际来看,从保护投资者利益出发应以证券交易所监管较好,为此我国现行法律需要作出相应的调整。

As an intellectualized trading system, dummy Internet-based trading system permits the investors to enter the trading system immediately. It provides circulating sites for lots of securities that are not listed in the market, but it also challenges the traditional legal supervision. There is somewhat bewilderment for whether they should be supervised according to law of stock jobber or according the law of stock exchange. Americans have brought forward two plans which are the legal system emending for broker self-operator and layered supervision of stock exchange. As far as the situation of our country is concerned, it is wise to choose the model of supervision of stock exchange in order to protect the interests of the investors. Our legal system at present needs corresponding adjustment for the supervision of dummy stock exchange.