论美国证券市场结构中的政府干预——以异地交易的繁荣为中心  

Analysis of Government Intervention in the Structure of American Stock Market

作　　者：彭运朋 

机构地区：[1]澳门科技大学法学院,澳门999078

出　　处：《证券市场导报》2018年第11期70-78,共9页Securities Market Herald

摘　　要：美国证监会(SEC)同样会深度地干预证券市场,不过其干预是围绕维护市场竞争而展开的,且具有强烈的法制化特征,这突出表现为SEC对上市证券市场结构的干预。美国上市证券的交易结构是非常分散的,且上市证券在上市所在地之外的异地交易非常之繁荣,这在很大程度上因为SEC积极有为、大刀阔斧地干预市场。这些干预可归纳为减少异地交易的普遍障碍,扶持替代交易系统,持续扩张交易所的未上市证券交易特权,以及批准注册了五家新的全国性证券交易所等四大类。There is deep governmental intervention by the Securities Exchange Commission in the US stock market. The intervention focuses on encouraging market competition. It has another strong characteristic of rule of law. SEC's intervention into the listed-securities market structure is a good case. This structure is much decentralized, in which the trading off the listing-exchange is highly prosperous. Such a structure contributes to SEC's active and powerful intervention into the market. Its intervention includes reducing the general obstacles that all kinds of off- listing-exchange trading used to face; cultivating alternative trading systems; keeping and expanding national sec.urities exchanges' privilege in unlisted trading; and approving five new national securities exchanges.

关 键 词：证券异地交易 替代交易系统 非上市交易特权 美国证券市场 

分 类 号：D912.29[政治法律—民商法学]