论证券交易所竞争与监管的关系及其定位

Securities Exchange Regulation in the Perspective of Competition

多国历史事实和理论推演证明:证券交易所只有在竞争环境下,才会对证券市场进行积极有效的监管,这一监管的动力在于交易所追求收入的最大化。而交易所监管由于具有专业、贴近市场、反应迅速等特点,也是政府监管不可替代的,过于集中的一元化政府监管不利于恰当充分的监管,中国也特别存在着政府监管权力过大和实际监管不到位的问题。中国证券交易所并不处在竞争环境中,监管也不足,并有必要通过多种路径重现其竞争性,以加强其监管能力,包括推动天津柜台交易市场的发展,并有效协调交易所监管与政府监管。而法院仍需保留对交易所监管行为的反垄断审查。

As shown by histories of multiple countries and theoretical analysis, securities exchanges can and only can function as a valid regulator under the pressure of competition. Their desire to regulate is driven by its desire for income maximization. The regulation of securities exchanges owns its unique value and is an important supplement to governmental regulation, which can＇t work solely and especially tends to be overusing but inefficient in China. Chinese securities exchanges should be put in a competitive environment so as to enhance such regulation. Ways are studied to achieve this goal and to harmonize exchange regulation and government regulation. The courts should also carry out antimonopoly review on the acts of securities exchanges.