交易透明度与信息揭示制度:国际趋势与启示

Trading Transparency and Information Disclosure: International Trend and Implication

由于经济文化环境、交易制度、市场结构、技术模式和投资者分布等方面的差异,不同交易所在交易信息揭示的种类、数量和程度方面有所区别。本文首先总结了采取指令驱动的主要交易所的交易信息揭示制度和市场透明度,在此基础上分析了交易所交易信息揭示制度变革与市场透明度的发展趋势,希望能对我国证券市场交易信息揭示制度的发展提供一点有益的借鉴和启示。

Stock exchanges vary in terms of content, quantity and depth of trading information disclosure, given different economic and cultural background, trading system;market structure, technical model and investor location. The author summarizes on disclosure system and market transparency of major order-driven exchanges and analyzes the evolution of disclosure system and development trend of market transparency in hope to offer positive reference to the Chinese practice.