全球主要证交所国际化经验与中国的选择

The Experience of Internationalization of Major Stock Exchanges in the World and China’s Choice

证交所是资本市场的核心。证交所的国际化是国家金融高质量对外开放的重要组成部分。当前,我国证交所在推进国际化过程中存在与国际主流市场关联度不强、股权合作受限以及技术优势未充分体现等问题,较大程度影响国内资本市场国际化。从纽交所、纳斯达克、伦交所等全球主要交易所国际化发展模式来看,证交所国际化目的主要是追求规模经济效应、提升国际影响力以及推动业务多元化,主要途径是市场互联、股权合作以及技术输出等方式。可借鉴全球主要交易所国际化经验,并根据我国国情,通过打造"B股通"平台、丰富联结主流证券市场跨境交易产品、加强市场化跨境股权合作、构建可复制输出跨境交易信息服务平台以及积极参与国际证券业组织事务等方式,进一步提升国内交易所国际化水平。

The stock exchange is the core of the capital market.The internationalization of the stock exchange is an important part of the highquality opening up of national finance.At present,China’s stock exchange is facing a series of problems such as weak international links,limited cooperation and inadequate technical advantages,which will greatly affect the internationalization of domestic capital markets.From the perspective of the international development models of major global exchanges such as the New York Stock Exchange,Nasdaq and London Stock Exchange,the main purpose of the stock exchange’s internationalization is to pursue economies of scale,enhance international influence and promote business diversification.It is the way of market interconnection,equity cooperation and technology export.It can learn from the internationalization experience of major global exchanges,and according to China’s national conditions,by building a"B-share exchange"platform,enriching the cross-border trading products of the mainstream securities market,strengthening market-oriented cross-border equity cooperation,and building reproducible output of cross-border trading information Service platforms and active participation in the affairs of international securities industry organizations have further improved the internationalization of domestic exchanges.