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提出这一问题并不是要对交易所发难,也没有指责不同交易方式(交易厅交易或电子化交易)的意思。这一问题是从根本意义上提出的。当前,交易所要同其会员竞争;政府有权决定上市;交易的执行成本几乎为零;交易信息已经成为商品。那么在这种形势下,交易所还能干什么?更重要的是,还有人愿意向交易所投资吗? 本文将回顾和分析交易所的历史及现状,还将考察当前交易所的经济和结构方面的特征,进而引出对交易所的要求以及对交易所价值的思考。
The issue is not to challenge the exchange nor to blame different means of dealing (dealing in exchanges or electronic transactions). This issue is raised in the fundamental sense. At present, the exchange should compete with its members; the government has the power to decide to go public; the execution cost of the transaction is almost zero; and the transaction information has become a commodity. So in this situation, the exchange can do? More importantly, there are people who are willing to invest in the exchange? This article will review and analyze the history and current situation of the exchange, will also examine the current exchange of economic and structural aspects The characteristics of the exchange, and then leads to the requirements of the exchange and the exchange value of thinking.