The stock exchange is the core of the stock market. The organizational form of a stock exchange is closely related to its functions. Judging from the history of the establishment and development of stock exchanges in various countries, there are two main organizational forms of stock exchanges: corporate stock exchanges and membership stock exchanges.
1, corporate stock exchange
The organizational form of a company-based stock exchange is a joint stock limited company, but the shares issued by it may not be listed and traded in the centralized stock exchange market opened by itself or others, and its shares must be registered shares, and its shareholders are limited to legal persons.
A securities broker or dealer engaged in trading activities in a company-based stock exchange shall sign a contract with the exchange to provide and use a centralized securities trading market, and pay settlement funds and transaction fees in the depository according to relevant standards. They may not participate in the trading of other companies' stock exchanges, nor may they become members of membership-based stock exchanges.
2. Membership stock exchange
The membership stock exchange is a non-profit-making association (institution) legal person. At present, the two stock exchanges in China, Shanghai and Shenzhen, are both membership-based stock exchanges.
The members of the Exchange are limited to securities dealers and brokers. 1. A member of one exchange may no longer be a member of another stock exchange. An exchange shall formulate management systems such as articles of association and business rules, and stipulate corresponding penalties in the articles of association for members who violate laws and regulations, articles of association of the stock exchange, business rules, standards of entrustment contracts or other rules, and violate good faith and cause damage to others. The stock exchange may warn, restrict or stop trading until it is removed from the stock exchange.
Two. Responsibility of the stock exchange
According to the provisions of the securities law of China, the duties of the stock exchange include:
(1) Provide places and facilities for securities trading.
(2) Formulating the business rules of stock exchanges. A stock exchange shall, on the premise of the basic principles and rules of securities trading stipulated in the Securities Law, formulate relevant rules for centralized bidding trading of stock exchanges, regulations on membership management, and business rules for brokers, clearing and delivery personnel and employees according to law.
(3) Accepting applications for listing and arranging the listing of securities.
(4) Deciding to suspend trading or temporarily suspend trading. When the normal trading of securities is affected by unexpected events, the stock exchange may take technical suspension measures; A stock exchange may decide to suspend trading due to unexpected events of force majeure or in order to maintain the normal order of securities trading.
(5) Supervise public officials. The stock exchange has the right to require members to provide relevant documents, and members who violate the law or no longer have membership should be expelled. If a member's on-site broker violates the relevant rules of the stock exchange, the stock exchange will give him disciplinary action. If the circumstances are serious, its qualification shall be revoked and it shall be prohibited from entering the market for trading.
(6) Supervision of listed companies. The stock exchange shall supervise the information disclosure of listed companies according to law, establish files of listed companies, and supervise the shareholding of directors and supervisors of listed companies.
(7) Managing and publishing market information. The stock exchange announces the stock exchange quotation, makes the stock market quotation sheet according to the trading day and makes an announcement.