1, different concepts.
The name of the securities registration and settlement institution refers to China Securities Registration and Settlement Co., Ltd., whose main responsibility is to register and settle the number and circulation of shares. 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.
Securities companies are legal entities specializing in securities trading, which are divided into securities management companies and securities registration companies. An institution that is approved by the competent authority and obtains a business license from the relevant administrative department for industry and commerce and specializes in securities business. 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.
2. Different functions
A securities company refers to a financial institution established with the approval of the competent securities authority according to law and engaged in securities business in the securities market. Its business mainly includes issuing securities as an agent; Acting for securities trading or proprietary securities trading; Concurrent operation and acquisition business; Research and consulting services; Asset management; Other services.
A stock exchange is a place where buyers and sellers of securities openly trade, and it is an organized, fixed and centralized stock exchange market. The stock exchange itself does not buy or sell securities, nor does it determine the price of securities. Instead, it provides certain places and facilities for securities trading, and is equipped with necessary management and service personnel to carefully organize and strictly manage securities trading.
In China, the Securities Law points out that "a stock exchange is a non-profit-making legal person that provides a centralized bidding place for securities". At present, there are two major stock exchanges in Chinese mainland: Shanghai and Shenzhen. Shenzhen Stock Exchange and Shanghai Stock Exchange are the abbreviations of Shenzhen Stock Exchange and Shanghai Stock Exchange respectively.
China Securities Registration and Settlement Center belongs to China Securities Regulatory Commission, which is mainly responsible for the establishment and management of securities accounts and settlement accounts, as well as the clearing and settlement of securities and funds.
3. Different characteristics
Stock exchanges have the following characteristics: stock exchanges are generally legal organizations established according to law. According to the provisions of China's securities law, the establishment and dissolution of the stock exchange is decided by the State Council. The stock exchange is a place for centralized bidding transactions. The so-called centralized bidding means that all securities brokers and dealers are mainly concentrated in this place and engage in securities agency or proprietary trading activities through competition. The stock exchange is the organizer of securities trading.
The stock exchange is a special legal person. The exchange has an independent status in law, but it does not participate in trading itself. In addition to providing services as the organizer of the transaction, it is also necessary to perform the front-line supervision functions entrusted by laws and regulations.
Although the stock exchange and the securities registration and clearing company are two units, they are the same thing. The securities registration and settlement company was previously separated from the exchange. The former is responsible for the transaction and the latter is responsible for the settlement. Securities companies send trading instructions to the exchange on behalf of investors, and the exchange is responsible for the transaction. After the closing, the transaction data will be transmitted to the settlement company, which will settle with the securities company at around 4 o'clock every day, and the money and goods will officially change hands.