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目前全球交易所掀起了并购浪潮,在产品和规模方面已有明显改进,交易机制也更加灵活多样。未来我国证券交易所同样要面临全球竞争,其运行机制是未来争夺市场份额的重要媒介。交易所市场的运行机制主要是指证券交易价格发现与形成的运作机制,本文主要从交易机制和交易规则两方面来分析现阶段我国的运行机制,并结合当前学术界研究成果,对交易机制和交易规则两方面进行分析和论述,进而提出相关改进建议,希望能够对我国交易所市场发展提供借鉴。
The current global exchange set off a wave of mergers and acquisitions, the product and size has been significantly improved, the trading mechanism is also more flexible. In the future, China’s stock exchanges also face global competition. Its operating mechanism is an important medium for future market share competition. The operating mechanism of the exchange market mainly refers to the operating mechanism of the discovery and formation of the price of the securities transaction. This paper analyzes the operating mechanism of our country at the present stage mainly from the trading mechanism and trading rules. Combining with the current academic achievements, Transaction rules analysis and discussion of two aspects, and then put forward suggestions for improvement, hoping to provide reference for the development of China’s exchange market.