一、回顾20年的发展历程,我们深切体会到,法治建设始终是上交所市场发展的重要保障资本市场是高度法治化的市场。20年来,伴随资本市场法治建设的推进,上交所市场发展的法制环境也在不断改善,主要体现在如下三个方面:第一,上交所市场发展所需要的法律制度日益健全。上交所建立之初,基本上是无法可依,市场的运行除了少量的地方行政规章外,主要靠交易所业务规则。1993年之后,上交所市场开始由区域性 I. Reviewing the course of 20 years of development, we deeply understand that the building of the rule of law has always been an important guarantee for the development of the Shanghai Stock Exchange. The capital market is a highly regulated market. In the past 20 years, with the promotion of the rule of law in the capital market, the legal environment for the development of the SSE market has also been improving. The improvement is mainly reflected in the following three aspects: First, the legal system required for the development of the Shanghai Stock Exchange is increasingly sound. The establishment of the SSE basically can not be controlled, the operation of the market in addition to a small number of local administrative rules, mainly by the exchange business rules. After 1993, the Shanghai Stock Exchange market began by the regional