This paper reviews the basic principles and characters of overseas alternative trading system in hope to make theoretical reference to Chinese law makers and regulators. 本文在国外对另类交易系统概念界定的基础上,论述了其基本概念和特征,以期为将来我国另类交易系统的立法和监管提供理论参考。
Legal Definition of Alternative Trading System(ATS) 另类交易系统的法律界定
First of all, it introduces the basic situation of the alternative securities trading system, and analyzes the inadequacies of traditional securities exchange of the securities transactions, whereas the alternative securities trading system that has the advantage can be effectively offset this shortfall. 首先分析了传统证券交易所证券交易系统的不足,指出另类证券交易系统具有的优势,可以有效弥补这一不足。
If these risks can not be effective against, not only affect the development of alternative securities trading system, but also cause losses to investors and affect the stability of the original securities. 如果不能有效防范这些风险,不仅会影响另类证券交易系统的发展,还会给投资者带来损失及影响证券市场原有的稳定性。
Therefore, the alternative securities trading system in the Western developed countries have achieved great success, and some experts predict that in the future it may replace securities status. 因此,另类证券交易系统在欧美等西方发达国家取得了很大的成功。