依法行政是法治对政府运作的必然要求。证券市场监督管理作为行政权行使的一部分,必须贯彻依法行政原则;而证券交易所自律监管是证券市场监管体制的重要组成部分,也应置于法律的严格约束之下。依法行政是证券交易所自律监管的前提和基础,而证券交易所自律监管对政府的行政监管? Administration by law is the inevitable requirement of the government by the rule of law. As a part of exercising administrative power, supervision and administration of stock market must implement the principle of administration according to law. The self-regulation of stock exchange is an important part of the regulatory system of securities market and should be placed under the strict restriction of law. Administration according to law is the premise and foundation of self-regulation of stock exchanges, while the stock exchange self-regulation of the government’s administrative supervision?