First, the definition is different.
A securities company refers to a limited liability company or a joint stock limited company with independent legal personality, which is established with the approval of the the State Council securities regulatory authority in accordance with the provisions of the Company Law and the Securities Law and specializes in securities business.
A stock exchange is a legal person that provides places and facilities for centralized securities trading, organizes and supervises securities trading, and implements self-discipline management.
Second, the conditions for establishment are different.
Securities companies:
1. Having articles of association that comply with laws and administrative regulations;
2. The major shareholders are profitable continuously, have a good reputation, have no record of major violations of laws and regulations within 3 years, and have net assets of not less than 200 million yuan;
3. Having registered capital that meets the requirements of this Law;
4. Directors, supervisors and senior managers are qualified for the post, and employees are qualified for securities business;
5. Having a sound risk management and internal control system;
6. Having qualified business premises and business facilities;
7. Other conditions stipulated by laws and administrative regulations and approved by the State Council Securities Regulatory Authority.
Stock exchange:
The establishment of a stock exchange shall be examined by the State Council Securities Regulatory Commission and reported to the State Council for approval.
In practice, to apply for the establishment of a stock exchange, the following documents shall be submitted to the the State Council Securities Regulatory Commission:
Application; Draft articles of association and main business rules; List of candidates to join the Committee; List of candidates for the Council and their resumes; Description of the site, equipment and funds; A description of the management personnel to be appointed; Wait a minute.
Third, there are different forms of existence.
Securities companies:
1, most of which are state-controlled enterprises, and the gift of assets must comply with the relevant regulations of the state-owned assets management department;
2. Most of them are unlisted companies with limited share circulation and no market price, but they have listing plans, which can meet the relevant regulations of listed companies.
Stock exchange:
Stock exchanges are divided into corporate system and membership system.
These two kinds of stock exchanges can be operated by the government or public organizations (called public stock exchanges), private stock exchanges (called private stock exchanges), and government and private stock exchanges (called public-private joint stock exchanges).
Reference source: Baidu Encyclopedia-Stock Exchange
Reference source: Baidu Encyclopedia-Securities Company