谁需要数据交易所——治理三边模型的提出

Who Needs A Data Exchange——Proposal of the Governance Trilateral Model

数据交易所乃实现数据要素市场化配置的基础设施,不应复刻权益类证券交易所运作机制,宜从组织、行为、结构三边维度予以体系化治理。组织视角下,自律性数据交易所不能混同为数据商、数据中介或数据平台,责任范围不可止步于中介撮合。行为视角下,交易模式须防范标的杂乱、过度营利、金融衍化和自我交易风险,定价、信披、危机处置等交易机制亟待差异化设计。结构视角下,同质扩张、缺乏联通的问题突出,可构建合作型竞争的双层交易场所体系,并强化前端登记和后端结算之协同。就制度保障来看,数据交易所的立法既不宜通过数据领域法的嵌入提及,也无需单设数据交易所法,提取公因式、更大适用面向的“交易场所法”应是目下立法之优先考虑。

Data exchanges are the infrastructure for realizing the market allocation of data elements,and it is not appropriate to replicate the operation mechanism of equity-based stock exchanges,which can be systematically governed from the triple perspectives of organization,conduct and structure.Under the organizational perspective,self-regulatory data exchanges should not be confused with data vendors,data intermediaries or data platforms,and the scope of responsibility should not stop at intermediary aggregation.From the behavioral perspective,the trading model of data exchanges should guard against the risks of subject matter confusion,excessive profit-making,financial derivation and self-trading,and the trading mechanisms such as pricing,disclosure and crisis management should be differentiated and designed.From the structural perspective,the problems of blind homogeneous expansion and lack of connectivity are prominent.It needs to be constructed by two-tier trading venue system with cooperative competition and synergies between front-end registration and back-end settlement could be strengthened.From the perspective of institutional safeguard,it is neither appropriate to refer to the legislation on data exchange through the embedded data field law,nor necessary to set up a separate “data exchange law”,and it should be the priority of the current legislation to extract the common factor and the Trading Places Law which is more applicable to the current legislation.