What is a stock exchange?
There are four stock exchanges in China: Shanghai Stock Exchange and Shenzhen Stock Exchange, Hong Kong Stock Exchange and Taiwan Stock Exchange.
Shanghai Stock Exchange
Shanghai Stock Exchange was established on 1990,165438+126, and opened in the same year,12, 19. Is a non-profit legal person, directly managed by the China Securities Regulatory Commission. Shanghai Stock Exchange adheres to the eight-character policy of "legal system, supervision, self-discipline and standardization" and is committed to creating a transparent, open, safe and efficient market environment and effectively protecting the rights and interests of investors. Its main functions include: providing places and facilities for securities trading; To formulate the business rules of the stock exchange; Accepting listing applications and arranging the listing of securities; Organizing and supervising securities trading; Supervise members and listed companies; Manage and publish market information.
Shenzhen Stock Exchange
Shenzhen Stock Exchange is located in Luohu District, Shenzhen, diagonally opposite to Wang Di Building. Founded in 1 990,65438+February,1,and officially opened on July 3, 199 1, it is a legal person that provides places and facilities for centralized securities trading, organizes and supervises securities trading, and implements self-discipline management. Directly supervised and managed by China Securities Regulatory Commission. Shenzhen Stock Exchange is committed to the construction of multi-level securities market and strives to create an open, fair and just market environment. The main functions include: providing places and facilities for securities trading; To formulate the business rules of this firm; Accepting listing applications and arranging the listing of securities; Organizing and supervising securities trading; Supervise members and listed companies; Manage and publish market information; Other functions permitted by China Securities Regulatory Commission. On September 6, 2004, the Operational Guidelines for the Split Share Structure Reform of Listed Companies was implemented.
Hong Kong Stock Exchange
The main business is to own and operate the only stock exchange and futures exchange in Hong Kong and its related clearing houses. The chairman is Ronald ARCULLI, and the CEO is Zhou. The Hong Kong Stock Exchange is the only institution that operates the Hong Kong stock market. Without the consent of the Financial Secretary, no individual or organization may hold more than 5% of the shares of the Stock Exchange of Hong Kong. On September 1 1 day, 2006, HKEx became a component of the Hang Seng Index.
Taiwan Stock Exchange Limited
Taiwan Stock Exchange was established on1October 23rd,196110, and started operation on February 9th, 1962. The Exchange is located at the 3rd floor, No.7, Section 5, Xinyi Road, Xinyi District, Taipei (Taipei10/office building 3rd floor).
The difference between a stock exchange and a securities company
A securities company refers to a limited liability company or a joint stock limited company established in accordance with the Company Law and approved by the securities regulatory body to engage in securities business.
Some securities companies are just one kind of brokers. The so-called securities company refers to a commercial entity established according to law with securities underwriting, securities self-operation and securities brokerage as its core business, including both companies, partnerships and individuals. According to the provisions of China's Securities Law, individuals and partnership organizations cannot engage in securities business.
Securities companies can engage in the following customer asset management businesses:
1. Handle targeted asset management business for a single customer;
2. Handling collective asset management business for multiple customers;
3. Handle special asset management business for specific purposes for customers.
Stock exchange:
A stock exchange is a special legal person established in accordance with the relevant laws of the state to provide places, facilities and rules for centralized bidding and organized trading of securities. A stock exchange neither buys or sells securities directly, nor determines the price of securities, but only provides places and various necessary conditions and services for the parties who buy or sell securities.
The stock exchange has the following characteristics:
1. 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.
2. 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.
3. The stock exchange is the organizer of securities trading.
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 and acting as the organizer of transactions, it is also necessary to perform the front-line supervision functions entrusted by laws and regulations.