另类交易系统监管法律问题研究

Legal Issues about Alternative Trading Systems Regulation

另类交易系统是证券交易电子化、网络化的产物,它是以互联网为基础,依据特定交易规则,无中介、自动汇聚和撮合众多投资者买卖证券委托指令的电子交易系统,属于场外交易场所的范畴。另类交易系统区别于传统交易所的特征,在于其交易对象的广泛性,交易流程无中介性和高效性,交易规则的非任意性,交易系统与投资者之间关系的特殊性。与美欧相比,我国亦具备建立另类交易系统的市场环境,我国应当鼓励另类交易系统的建立与发展,并从监管目标和基本原则、监管模式与审慎要求等方面着手,科学构建我国的另类交易系统监管法律制度。

Alternative Trading Systems(ATSs) are electronic trading systems based on the internet,non-intermediary media and automatically bring together and match multiple securities orders of buyers and sellers belonging to non-discretionary rules,and are the product of computerization of securities exchange,which belong to the category of curb exchange.Compared with the traditional stock exchanges,ATSs have non-discretionary exchange rules and particular relationship with the investors,and non-intermediary trade all kinds of securities with more efficiency.Compared with U.S.A and EU,China also has the market environment and conditions to set up ATSs,so we should encourage the establishment and development of ATSs in China,and scientifically construct the legal system of ATSs regulation in China from the aspects of objectives,principles,model of supervision and prudential requirements.