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发达国家的证券交易所,法律法规必定不允许其成为市场中追逐利润的经纪商或投资商过去,我们对发达国家资本市场了解甚少,看到国外许多证券交易所纷纷从会员制改为公司制、甚至自身也成为上市公司,就得出产权交易机构的发展方向就是公司制、远景目标成为大型企业或上市公司。其实,著名的美国1934年《证券交易法》中对交易所职能却讲的非常明白:“维持市场和市场设施”。
Stock exchanges in developed countries and laws and regulations must not allow them to become profit-seeking brokers or investors in the market. In the past, we did not know much about the capital markets of developed countries. Many foreign stock exchanges have seen the move from membership to corporations System, and even become listed companies themselves, we can conclude that the development direction of the property right exchange institution is the system of the company, and the long-term goal is to become a large-scale enterprise or a listed company. In fact, the famous U.S. Securities Exchange Act of 1934 is very clear about the functions of the exchange: “Maintaining market and market facilities.”