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作为一种新型证券交易场所,另类交易系统是一种以互联网为基础的,依据一定规则自动聚集并撮合投资者委托买卖证券指令的电子交易系统。它属于场外交易场所的范畴,与传统交易所相比,其交易对象更广,交易流程更为便捷,交易规则特殊,同投资者之间的法律关系也不同。它的出现,不仅对传统交易所和中介机构的地位产生了强烈冲击,而且对传统的证券监管体制和证券诉讼也产生了深刻影响。本文在国外对另类交易系统概念界定的基础上,论述了其基本概念和特征,以期为将来我国另类交易系统的立法和监管提供理论参考。
As a new type of stock exchange, the alternative trading system is an Internet-based electronic trading system that automatically aggregates and matches investors’ commission orders for buying and selling securities according to certain rules. It belongs to the field of over-the-counter trading places. Compared with traditional exchanges, it has broader trading counterparts, more convenient transaction flow, special trading rules and different legal relationships with investors. Its appearance not only has a strong impact on the position of traditional exchanges and intermediaries, but also has a profound impact on the traditional securities regulatory system and securities litigation. Based on the definition of alternative trading system in foreign countries, this paper discusses its basic concepts and characteristics in order to provide theoretical reference for the legislation and supervision of alternative trading system in the future.