中国证券交易所和登记结算公司是在政府主导型的经济改革过程中发展起来的,其地位与职能具有明显的中国特色。证券交易所与登记结算公司是中国资本市场的重要组成部分,在市场运行过程中难免要与各种利益主体产生纠纷,乃至发生诉讼。证券交易所兼有自律监管与行政监管的双重职责,因此,其责任承担方式也存在民事责任与行政责任两个层面。登记结算公司则主要是以证券市场普通私法主体的形式出现,因此,其承担的主要是普通的民事责任。法律经济学的分析表明,司法介入证券监管领域应该慎重。 China Securities Exchange and Registration and Settlement Company were developed during the government-led economic reform, and their status and functions have obvious Chinese characteristics. Stock exchanges and clearing houses are an important part of China’s capital market. They inevitably have disputes with various stakeholders and even lawsuits during the course of market operation. Stock exchanges have dual duties of self-regulation and administrative supervision. Therefore, there are two levels of civil liability and administrative responsibility in the way of bearing responsibility. Registration and settlement companies are mainly in the form of ordinary subjects of private law in the securities market, therefore, they bear the common civil liability. The analysis of law and economics shows that the judiciary should be cautious in the field of securities regulation.