1, different concepts.
Securities companies are legal entities specializing in securities trading, which are divided into securities management companies and securities registration companies. In a narrow sense, a securities company refers to a securities business company, which is an institution that specializes in securities business after being approved by the competent authority and obtaining a business license from the relevant administrative department for industry and commerce.
Having the membership of a stock exchange, you can underwrite the issuance, self-management or agent trading of securities. Ordinary investors must invest in securities through securities companies.
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. Judging from the situation of countries all over the world, there are two kinds of stock exchanges: for-profit legal person with company system and non-profit legal person with membership system, and China's stock exchange belongs to the latter.
2. Different characteristics
The characteristic of the stock exchange is that it is a non-profit social legal person group composed of several members voluntarily. The members that make up a stock exchange are all securities companies, including full members and informal members. The establishment of a stock exchange must be approved by the state.
The characteristic of securities companies is that most of them are state-controlled enterprises, and the gift of assets must comply with the relevant regulations of the state-owned assets management department. 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.
3. Different responsibilities
A stock exchange shall provide guarantee for the organization of fair and centralized trading, publish the real-time quotation of securities trading, and prepare and publish the quotation list of the securities market according to the trading day. Without the permission of the stock exchange, no unit or individual may publish the real-time quotation of securities trading.
The main responsibility of securities companies is to design and plan the stock listing of restructured enterprises. The main tasks include: participating in the design and formulation of enterprise restructuring plan, providing listing guidance for restructured enterprises that intend to issue shares, drafting, summarizing and submitting all application materials for listing, organizing stock underwriting of listed enterprises, and undertaking the organization and coordination of listing.