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First, the generation of online securities trading and development
Online securities trading, securities trading is carried out by the parties through the Internet securities trading activities and other related activities. ① Specifically, the investors through a variety of network resources, and activities related to securities transactions, such as access to real-time information, analysis of market trends, investment consulting, online commission and use the Internet to order online virtual stock exchange or in kind exchange, enabling payment, settlement and clearing securities transactions such as real-time trading process.
一、网上证券交易的产生及发展状况
网上证券交易，是指证券交易当事人通过互联网开展的证券交易活动和其他相关活动。①具体说来，是指投资者通过各种网络资源，进行与证券交易相关的活动，如获取即时资讯、分析市场行情、投资咨询、网上委托并利用网络下单到实物证券交易所或网上虚拟交易所，从而实现支付、交割和清算等实时证券交易的买卖过程。
(A) the rise of online securities trading http://www.ukassignment.org/dxessay/
（一）网上证券交易的兴起
Since the 1970s, computer network technology and development on our lives had a tremendous impact, especially over the past decade online trading via the Internet to our traditional commercial activities has brought new vitality and unprecedented impact. As the Internet is the online securities trading a wide range of in-depth business activities of human society came into being as a mode of e-commerce transactions, e-commerce transactions in the securities field embodies.
20世纪70年代以来，计算机网络技术的产生和发展对我们的生活产生了巨大影响，尤其是近十年来借助于互联网的在线交易给我们传统的商业活动带来了新的活力和前所未有的冲击。网上证券交易正是随着互联网大范围地深入人类社会商业活动应运而生的一种电子商务交易模式，是电子商务在证券交易领域中的集中体现。
Online securities trading first appeared in the United States. Since the early 1990s, some U.S. securities firms to gradually introduce its securities brokerage business network technology which makes securities brokerage services, efficiency is greatly improved, since expanding the network to further expand the use of technology but also to the various securities areas, the use of network technology approach is also more diverse. In a sense, the birth of online transactions is to improve services and securities brokerage services in the introduction of Internet technology results. Development today, network technology application in the stock market not only in the securities market information, and dissemination, but also in the network providing securities investment consulting services, online securities trading accounts opened directly, directly after the Securities Transaction online delivery and so on. As network technology continues to mature, investors and securities firms on-line securities trading increasingly high degree of acceptance, market managers have recognized this fundamental break with traditional means of media technology in securities trading. However, this development process is mainly driven by the dealers, regulators essential for online securities trading or passive monitoring based.
网上证券交易最早出现于美国。自20世纪90年代初开始，美国的一些证券公司逐步在其证券经纪业务当中引入网络技术，使得证券经纪服务的效率大大提高，此后规模不断扩大，网络技术的运用也进一步拓展到证券市场的各个领域，运用网络技术的方式也更加多样化。从某种意义上说，网上交易的诞生是证券商为改善服务而在证券经纪服务中引入互联网技术的结果。发展到今天，网络技术在证券市场中的应用不仅表现在证券市场行情信息的发布和传播方面，还表现在通过网络提供证券投资咨询服务、在网上直接开设证券交易账户、证券买卖成交后直接在网上交割等。随着网络技术的不断成熟，投资者和证券商对网上证券交易的接受度越来越高，市场管理者也基本认可了这种突破传统媒介技术手段的证券交易方式。不过这个发展过程主要是由证券商推动的，监管者对网上证券交易基本还是以被动监管为主。
(Two) of the definition of online securities trading activities
China Securities Regulatory Commission in 2000 issued the "Interim Measures for online securities commission" (hereinafter referred to as the "Interim Measures") is currently the only online securities trading activities adjusted specialized rules, norms are dealers online stock commission business, which is called Internet stock brokerage services, online transactions for other forms of activities not involved. "Interim Measures" as China is currently the only online securities trading activities directly regulate the legal basis also seemed relatively simple, mainly just launching online securities companies entrust their business qualification examination standards, carry out online commission business shall comply with the basic principles as well as some of the more simple regulatory measures to be provided. But with the development of online securities trading market along with the rapid advances in Internet technology, now appearing on the market a large number of online securities trading activities, far exceeding the regulatory rule-bound areas.
Second, online securities trading on the traditional transaction methods and the impact of regulatory regimes and challenges
Online Stock Trading as a new non-traditional securities transactions, as compared to the general counter, telephone commission and other transactions, has incomparable advantages, but also inevitably lead to some problems. Particularity of Internet technology to implement online via the Internet securities trading, bringing the information transmission, low cost, low-speed and convenient advantages, but also attracted a free and open dissemination of information is difficult to control defects and the risk of network technology. With the new Internet technology into online stock trading, the trading behavior of some new forms emerged, these acts in the original legal norms may not find "legal" basis, which involves how to determine the legal effect of such acts problem.
Law always more or less behind the life, especially in the face of ever-changing online securities trading market, this gap will come much faster.
(A) issuance of securities markets and the traditional impact issuance system
In traditional securities trading and distribution system, usually caused by securities issuers and underwriters with each other together to complete the task of issue of the securities, but in the network after entering the securities market, issuers can directly use the network coverage and interactive advantages , bypassing the underwriters offer of securities to investors directly, the resulting issuance of securities market disintermediation issue. Securities issuance market disintermediation, the securities issuance market mainly for the positive impact of reduced distribution costs, improve distribution efficiency, but also its negative effects can not be ignored. On the one hand, the lack of participation in professional organizations, will increase investors' investment information evaluation costs and increase investor risk; On the other hand, the lack of supervision of the underwriters, issuers may be approved without the securities regulatory authorities the case of direct issue securities to investors and thereby avoid the regulatory oversight of the securities issued, and then issue the securities regulatory system impact, and may even have disruptive effects. ②
(Two) of the brokerage and exchange impact of such transactions subject
Securities and Exchange electronic, networked direct consequence, is to get rid of brokers and other intermediaries, investors reliance, investors can directly enter the market transactions, so that the broker's survival and development face serious challenges, had to develop new services operations and areas, to achieve business innovation and improve service quality. And based on ECN (Electronic Communications Network) generated alternative trading systems (ATS, Alternative Trading System) has been the monopoly of the traditional stock exchange issued a strong challenge, forcing the organization to adjust the stock exchange.
(Three) the impact of the information disclosure system
Advent of the Internet, the traditional information disclosure system had a tremendous impact. On the one hand, the use of the network, not only reduces the cost of information disclosure, but also meets the timeliness requirement of disclosure of information, which greatly facilitates the obligation of information disclosure and investors; On the other hand, the network information disclosure also increases the accuracy of information screening difficulty and responsibility information disclosure is not real-time identification difficult. All this needs to constantly adjust the existing disclosure rules.
(Four) to traditional trading regulatory regime has brought new challenges
First of all, online securities trading without geographic restriction, forcing the stock market risk regulatory approach by the regional regulators to change the direction of business regulation; Secondly, since the emergence of electronic communications networks, because both brokers and exchanges function, thus the traditional The implementation of the brokerage and exchange securities regulatory classification proposed regulatory approach new challenges. All this is bound to accelerate Mixed and mixed supervision process.
Third, foreign regulatory philosophy Implications - In the United States
Now, with the online securities trading worldwide spread of development, national regulatory authorities have online securities trading activities are quite full understanding, especially those online securities trading more developed countries, has gradually developed a relatively complete regulatory system for online transactions. The United States is the world's first online securities trading developed countries, but also the most developed stock market, online stock trading the most active countries. The U.S. government's attitude to some extent affect other countries and regions, but also about the online securities trading prospects. Therefore, the U.S. regulatory practices and regulatory thinking combing helps us to better grasp the future of online stock trading, you can also draw beneficial nutrients, as far as possible in the future regulatory practice detours.
First, in the legal system of online transactions construction, since the mid-1990s, the U.S. Congress has launched the Internet and Internet commerce has developed some specific issues bill. These bills include: Internet Tax Freedom Act (Internet Tex Freedom Act); networks Equity Act (Net Fair Act of 1998); Electronic Privacy Act (Electronic Privacy Bill of Right Act of 1998); digital signature and electronic seal France (Digital Signature and Electronic Au-thentication Law of 1998) and so on. ③ The introduction of these networks France, the U.S. SEC (Securities and Exchange Commission) to perform online transactions regulatory activities provide a strong legal protection.
Secondly, SEC (U.S. Securities and Exchange Commission) as the U.S. stock market regulator, just as trading Internet technology innovation, do not believe that the birth of Internet technologies and applications will completely change the existing regulatory system. Therefore, SEC is usually the securities industry due to specific problems caused by use of the Internet for case processing, respectively, by the various regulatory authorities responsible for their regulatory areas due to the use of network technology caused internal problems. While taking advantage of the Internet to strengthen market supervision, the protection of investors and with other agencies.
Once again, the face of online securities trading triggered a series of regulatory challenges, U.S. regulators did not take evasive attitude, did not take the approach of a wall of, but actively seeking balance between the two. SEC through the development of new regulations, to amend the original rules, issued notices, etc., efforts to solve the problem of electronic communications networks trading system triggered by market segmentation, transparency and liquidity problems, and promote the establishment of the national market system. System security, privacy and other issues investors also been incorporated into regulators' perspective. Through these efforts, not only failed to curb the use of new technologies, nor as a result of the flourishing electronic communications networks and lead to market confusion.
Of course, what kind of monitoring mechanism should also work with their actual situation combined. The United States is pursuing a free market economy, emphasizing the state's intervention in the market as little as possible, and therefore its regulation of online securities activities seem passive stronger. And the United States is pursuing a case law, the judge determines the behavior of the market is often not sticking to the legal framework, for the ever-changing online securities activities are usually able to give timely specification, which is different from the general law countries.
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