党的十八届三中全会《中共中央关于全面深化改革若干重大问题的决定》明确要求加快发展多层次资本市场,而多层次的股票市场是多层次资本市场的核心。近年来,我国多层次股票市场的轮廓已日见明晰。而发达国家多层次股票市场的发展经验与教训,对建立健全我国多层次股票市场的发展有一定参考。监管框架下的分层一直以来,股票市场分为两大层次:证券交易所市场(场内市场)与OTC市场(场外市场)。在尚未出现电子交易手段的时代,监管和交易方式这两个标 The Third Plenary Session of the 18th CPC Central Committee’s “Decision of the Central Committee of the Communist Party of China on Several Important Issues concerning the Overall Deepening of Reform” explicitly calls for accelerating the development of a multi-level capital market. The multi-level stock market is the core of a multi-level capital market. In recent years, the outline of China’s multi-level stock market has become increasingly clear. The experience and lessons of the development of multi-level stock market in developed countries have some reference to establish and improve the development of China’s multi-level stock market. Stratification under regulatory framework The stock market has been divided into two levels: stock exchange market (OTC market) and OTC market (OTC market). In the era of electronic trading has not yet emerged, the two regulatory and trading methods