另类交易系统的概念界定

Conception and Characteristics of Alternative Trading System

近年来,计算机网络技术的迅猛发展改变了证券市场的结构,电子化、网络化成为证券交易的发展趋势。另类交易系统是一种以互联网为基础,依据一定规则自动聚集并撮合投资者委托买卖证券指令的电子交易系统。它属于场外交易场所的范畴,与传统交易所相比,交易对象更广,交易流程更为便捷,交易规则特殊,同投资者之间的法律关系也不同。本文分析了另类交易系统的概念和特征,以期为将来我国另类交易系统的立法和监管提供理论参考。

Recently, the rapidly development of technology of computer and internet changed the structure of the securities market, the computerization and widely use of network become the trend of the securities transaction. Alternative Trading System ( ATS) is a transaction system based on internet, which automatically match client's orders in according with non-discretionary rules. Compared with the traditional exchange, the ATS belongs to curb exchange with more objects and more promptly flow, and special rules and different type of legal relationship with clients. This paper discusses the conception and characteristics of ATS, in order to provide theoretical suggestions to the legislation and regulation of ATS in China.