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

摘要： 各国证券交易所经过互相竞争与自身改制,逐渐整合成几家主要的垄断的交易所体系,这些证券交易所之间还通过建立战略联盟的方式进行合作与整合,并采取各种举措提升市场占有率和竞争优势。中国资本市场要实现跨越式发展,必须对现有证券交易所进行制度变革。在此基础上,实现上海、深圳和香港三大证券交易所的战略分工与合作,进而与国外证券交易所实行战略合作,奠定中国成为资本大国的根基。

关键词: 证券交易所, 制度变革, 战略分工