关键词: 证券交易所, 制度变革, 战略分工

Abstract: Securities exchanges from all over the world have gradually consolidated to several main monopolistic exchange systems through competition and institutional reforms. These securities exhanges cooperate and consolidate through strategic allies and improve their market occupancy and competitive advantage. In order to performing leap frogging development, Chinese capital market has to perform institutional reforms of securities exchanges. Furthermore, the securities exchanges of Shanghai, Shenzhen and Hongkong need to have strategic devision and cooperation. Then these exchanges need to have strategic cooperation with foreign exchanges, which will build a solid foundation for China to have strong capital market.

Key words: securities exchange, institutional reform, strategic division