美欧另类交易系统的法律规制及启示

The Legal Regulation of Alternative Trading Systems in U.S and EU and Its Significance

另类交易系统是美欧多层次资本市场的重要组成部分,它是以互联网为基础,依据一定的交易规则,无中介、自动汇聚和撮合众多投资者买卖证券的委托或指令的电子交易系统,是证券交易电子化、网络化的产物。美国和欧盟已制定一系列相对完善的法律法规对这一新兴市场进行合理规范与科学引导,在防范风险的同时充分发挥了其低成本、高效率的优势。鉴于美欧的成功经验,当前,我国应修改和完善相关法律法规,准许场外交易,提倡交易所公司制改造,鼓励金融创新。

Alternative Trading Systems are important component of the multilevel capital market in U.S and EU,relying on internet,are electronic trading systems, non-intermediary and automatically accumulate and match multiple securities orders in line with special rules.As OTC systems,they are the products of computerization of securities exchange.The U.S and EU had set down a series of law and rules reasonably regulating and scientifically guiding ATSs,so that they can keep away the risks of ATSs and give full play to the advantages of low cost and high-efficiency.Currently,We should use the successful experiences of U.S and EU for reference,modify and perfect relevant laws,permit curb exchange,fostering innovation,advocating transformation of stock exchanges into company governance.