synonymStock exchange market(Stock Exchange) generally refers to the stock exchange
A stock exchange provides places and facilities for centralized securities trading, organizes and supervises securities trading, and implementsSelf discipline managementLegal person.Judging from the situation of countries around the world, stock exchanges have corporate profit-making legal persons andmembershipOfNon profitLegal person.
Shanghai Stock ExchangeIt was established on November 26, 1990 and opened on December 19 of the same year. It is a non-profit legal person and belongs to the China Securities Regulatory CommissionDirect management。Adhering to the eight word policy of "legal system, supervision, self-discipline and standardization", Shanghai Stock Exchange is committed to creating transparent, open, safe and efficientmarket environment, protect effectivelyInvestor equityIts main functions include:stock exchangeSites and facilities;To formulate the business rules of the stock exchange;Accept listing application and arrangeListing of securities；Organize and supervise securities trading;Supervise members and listed companies;Management and publicationMarket information。
Shenzhen Stock ExchangeLocated in ShenzhenFutian District，Futian StationNearby.It was officially opened on December 1, 1990,[1]this isCentralized securities tradingProvide places and facilities, organize and supervise securities trading, and implementSelf discipline managementThe CSRC shall directly supervise and manage the legal person of.Shenzhen Stock Exchange is committed to multi-levelstock marketAnd strive to create an open, fair and just market environment.Its main functions include: to provide places and facilities for securities trading;To formulate the business rules of the Exchange;Accepting listing applications and arranging securities listing;Organize and supervise securities trading;Supervise members and listed companies;Manage and publish market information;Other functions permitted by the CSRC.On September 6, 2004, the Operational Guidelines for the Share trading Reform of Listed Companies was implemented.
Shenzhen Stock Exchange Plaza
As one of the two major stock exchanges in mainland China, Shenzhen Stock Exchange and Chinastock marketGrow together.Over the past 16 years, Shenzhen Stock Exchange has relied on moderntechnical conditions, successfully built a national securities market in an emerging city.Over the past 15 years, Shenzhen Stock Exchange has raised more than 400 billion yuan for the national economymodern enterprise system , PromoteEconomic restructuring、Optimize resource allocation, Communicationmarket economyKnowledge plays a very important roleFacilitation。
Hong Kong Stock Exchange
Hong Kong Stock Exchange
The earliest in Hong Kongstock exchangeIt can be traced back to 1866.The first stock exchange in Hong Kong, the Hong Kong Stock Brokers Association, was established in 1891 and changed its name toHong Kong Stock ExchangeIn 1921, Hong Kong established the second stock exchange - the Hong Kong Stock Brokers Association. In 1947, the two exchanges were merged into the Hong Kong Stock Exchange Limited.By the late 1960s, the original stock exchange in Hong Kong could not meet the needs of the prosperity and development of the stock market. After 1969, three exchanges were established in the Far East, Jinyin and Jiulongstock exchangeInstitute, Hong Kongstock marketEnter the so-called "four meeting era" in which four exchanges coexist.The stock market crash from 1973 to 1974 fully exposedHong Kong Stock MarketOn March 27, 1986, the four exchanges were formally merged to form the four exchangesStock Exchange of Hong Kong。On April 2, the Stock Exchange opened and began to enjoy the right to establish, operate and maintain the securities market in Hong KongFranchise。On 6 March 2000,Hong Kong Exchanges and Clearing LimitedEstablished and wholly ownedThe Stock Exchange of Hong Kong LimitedHong Kongfutures exchangeLimited companies andHKSCC LimitedThreeAffiliated companies。
Taiwan Stock ExchangeIt was established on October 23, 1961 and began to operate on February 9, 1962.The Exchange is located in Taipei CityXinyi DistrictXinyi RoadFloor 3, No. 7, Section 5（Taipei 1013rd floor of the office building).
The establishment and dissolution of a stock exchange shall be decided by the State Council.
The application for the establishment of a stock exchange shall first be reviewed by the CSRC and then submitted to the State Council for approval.
To establish a stock exchange, the articles of association must be formulated.The formulation and amendment of the articles of association of a stock exchange must be approved by the State CouncilSecurities regulatory authorityapproval.
A stock exchange must indicate the words "stock exchange" in its name.No other unit or individual may use the name of stock exchange or similar name.[2]
Main responsibilities
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(1) The stock exchange shallOrganizational equityThe centralized transaction ofReal time quotation of securities tradingAnd made according to the trading daystock marketThe quotation list shall be published.Without the permission of the stock exchange, no unit or individual may publish the real-time quotations of securities trading.
(3) BecauseSudden eventsWhen affecting the normal conduct of securities trading, the stock exchange may adoptTechnical suspensionMeasures;becauseForce majeureThe stock exchange may decide to temporarily suspend the market for the purpose of maintaining the normal order of securities trading.When a stock exchange adopts a technical suspension of trading or decides to temporarily suspend trading, it must report to the securities regulatory authority under the State Council in a timely manner.
(4) The stock exchange implements the policy ofReal time monitoringAnd report on abnormal transactions in accordance with the requirements of the securities regulatory authority under the State Council.The stock exchange shall provide the listed company and relevantinformation disclosureThe obligor shall supervise the disclosure of information and urge it to disclose information timely and accurately according to law.The stock exchange may, according to the needsSecurities accountTrading shall be restricted and reported to the securities regulatory authority under the State Council for the record.
(5) The stock exchange shall collecttransaction cost And a certain proportion of membership fees and seat feesRisk fund。The risk fund is composed ofBoard of Directors of the Stock ExchangeAdministration.A stock exchange shall deposit the risk fund it has receivedBank of depositSpecial accounts shall not be used without authorization.
(6) The stock exchange formulates listing rules, trading rulesMembership managementRules and other relevant rules shall be submitted to the securities regulatory authority under the State Council for approval.
Relevant systems
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introduction
The stock exchange is divided intoCompany systemandmembershipTwo.Both stock exchanges can be funded by the government or public organizations (called public stock exchanges), or privately funded (called private stock exchanges), or government and privateJoint contributionOperated (calledPublic private partnershipStock exchange).
Corporate stock exchangeIt is for the purpose of making profits, providing trading places andservice personal, to facilitateSecurities firmsA stock exchange for trading and delivery.It can be seen from the practice of stock trading that such stock exchanges charge the listing fee of the issuing company and the commission for the transaction of securities, and their main income comes from tradingTurnoverA certain proportion of.Moreover, the personnel who operate such exchanges cannot participate in the trading of securities, thus ensuring the fairness of transactions to a certain extent.
In a company type stock exchange, the general manager is responsible to the board of directors and is responsible for the daily affairs of the stock exchange.The responsibilities of the directors are: to verify the important articles of association and business and financial policies;ProposedBudget and final accountsandSurplus distributionPlan;Approved investment;Check and approve the list of securities firms participating in stock trading;Approved securities firms shall pay operating margins and purchase and saleHandling feeAnd other amounts;Review the registration, change, cancellation, suspension of business and collection of listing fees of listed shares;Examination and approval directionThe general meeting of shareholdersProposals and reports submitted;decisionManagersAnd the selection and dismissal of members of the Evaluation Committee and the approval of other projects.The supervisor's duties include reviewing the annual final accounts report and supervising business, and checking all accounts.
A membership stock exchange is an exchange that is non-profit, self disciplined and mutually binding by its members. Members participating in the operation can participate in the purchase, sale and delivery of stocks in stock trading.The commission and listing fees of such exchanges are low, which can preventListed stockOfOTC trading。However, because the members who operate the exchange are themselves participants in the stock trading, it is inevitable that there will be trading irregularities in the stock tradingfairness。At the same time, because the buyers and sellers involved in the transaction are limited to the members of the stock exchange, the admission of new members generally requires the unanimous consent of the original members, which forms a de facto monopoly and is not conducive to the provision ofService qualityAnd lower charging standards.
In a membership stock exchange, the main responsibilities of the board of directors are: to decide policies, and the general manager is responsible for preparing the budget, which is submitted to the members' meeting for approval;Maintain member discipline, and impose fines on members who violate regulations,business suspendedAnd delisting;Approve new members to enter;New approvedListing of shares；Decide how to allocate listed shares toTrading hallspecial counter;wait.
main performance
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function
(1) ProvideStock Exchange。Because of the existence of this market, both the buyer and the seller of securities have a centralized trading place, which can transfer and realize their securities at any time to ensure the continuous circulation of securities.
Shanghai Stock Exchange
(2) Form and announce prices.Completed in the exchangestock exchangeThe price of various securities has been formed, because securities trading is centralized and open.The transaction is concluded by means of bilateral bidding, and the price is approximately fair and reasonable in theory. This price is announced to the public in a timely manner, andBe treated asVarious relatedeconomic activityImportant basis for.
(3) Concentrate all kinds ofSocial fundsParticipation in investment.With the increasing number of shares listed on the exchange and the increasing number of transactions, a wide range of funds can be attracted to stock investmentEnterprise developmentProvide the required funds.
(4) Guide the rational flow of investment.Exchange fundedfree flow It provides convenience and reflects the information of the securities issuing companyProfitabilityAnd development.To make social funds flow in the most needed and favorable direction.
(5) DevelopmentTrading rules。Have rulesSquare and roundFair trading rules can achieve fair trading results.Trading rules mainly include listing and delisting rules, quotation and bidding rulesInformation disclosure rulesAnd closingSettlement RulesEtc.The key difference between different exchanges is the difference of trading rules. The same exchange may also adopt multiple trading rules, thus formingSegments, such asNASDAQAccording to different listing conditions, it can be subdivided into global select market, global market andcapital market。
(6) Maintain transaction order.No trading rules can be perfect, and trading rules are not necessarily availableEffective implementationTherefore, one of the core functions of the exchange is to supervise various violationsthe principle of equityAnd trading rules, so that transactions can be carried out in a fair and orderly manner.
(7) Provide transaction information.stock exchangeRely on information, including information of listed companies andSecurities trading information。The Exchange shall be responsible for supervising and properly reviewing the provision of information of listed companies, and shall be responsible for the immediate announcement of trading quotations.
(8) Lowertransaction cost To promote stock liquidity.If there is no formaleconomic organizationOr organized securitiesCentralized trading marketThe investors must contact each other to determine the transaction price and volume, so as to complete the securities transaction.In this waytransaction modeDue to the need to find a trading partner, and due to the existence ofInformation Asymmetry , transaction default and other factors will increase transaction costs and reduce transaction speed.Therefore, the existence of centralized trading market can increase trading opportunities, improve trading speed, reduce information asymmetry, and enhance trading credit, which can effectively reducetransaction cost 。
features
Generally, the organization of a stock exchange has the following characteristics:
1. A stock exchange is a non-profit social legal entity formed voluntarily by several members.The members constituting stock trading are all securities companies, including formal members and informal members.
2. The establishment of a stock exchange must be approved by the state.
3. Stock Exchangedecision-making bodyIt's a general meeting（The general meeting of shareholders）And the Council (Board of Directors).Among them, the general meeting is the highest authority to decide the basic policies of the stock exchange;The Council is an agreement body composed of the President and a number of directors. It formulates the specific methods necessary for implementing the basic guidelines decided by the General Assembly, and formulates variousRules and regulations。
4. The executive body of the stock exchange includes the chairman and permanent directors.Business of the President and Premier.
Stock brokers mainly refer to commission brokers, that is, brokers who buy and sell stocks for customers and collect commissions.exchangeIt is stipulated that only members can enter the hall for stock trading.Therefore,Non memberIf investors want to buy and sell stocks on the exchange, they must go through brokers.
sharesSelf dealerIt refers to a securities company that buys and sells stocks for itself rather than for customersscope of businessIt can be divided into direct operator and zerodealer 。The direct operator refers to the member registered in the exchange who can directly buy and sell stocks in the exchange. Such member does not need to pay commission, and its profits come from short-termStock priceChange of.Zero transactionTraders refer to those who specialize in zero transactions (zero transactions refer to those less than one unitNumber of sharesSuch dealers cannot charge commissions, and their income mainly comes from buying securities from customers of securities companies at a price lower than the price of the whole transaction, and then selling zero stocks at a price higher than the price of the whole transactionpurchaserThe difference earned.
Professional members refer to those who trade one or more stocks in the hall of the exchangeExchange memberIts duty is to maintain a free and continuous market for the relevant stocks.Other brokers of trading partners of professional members shall not directly trade securities with the public according to regulations.In stock trading practice, professional members can either act as brokers orSelf dealerHe is involved in the business of buying and selling stocks, but he cannot participate in the business of buying and selling stocks at the same time.
Trader
After entering the exchange, traders are divided into special brokers and floor brokers.
Special brokers are the central figure in the hall of the exchange. Each special broker has several positions, including: acting as the agent of other stockbrokers;Directly participate in the transaction to close the price gap between the buyer and the seller and facilitate the transaction;Play the role of auctioneer in block stock trading, evaluate the bids and offers of other brokers, and determine a fair price;To be responsible for transactions in the region and promote the transaction;Provide various information to other brokers.
On floor brokers mainly include commission brokers and independent brokers.The commission broker is mentioned above and will not be introduced in addition.Independent brokers mainly refer to some independentIndividual enterprisesHome.If a company does not have its own broker, it can become a client of an independent broker. The company must pay a commission for each transaction.In practice, independent brokers will try their best to buy and sell stocks according to the company's requirements in order to obtain good reputation and generous remuneration.
Customer relationship
staystock investmentIn trading activities, customers and brokers are interdependent, mainly in the following four aspects:
(1) It is the relationship between the authorizer and the agent.The client acts as the authorizer and the broker acts as the agent. The broker must be considerate of the client and provide help for its interests.Brokers earn commissions.
(2) It is the relationship between the debtor and the creditor.This isbondCredit transactionThe performance of the relationship between customers and brokers.Customer's deposittransaction modeWhen purchasing stocks, only a certain amount of margin will be paid, and the insufficient amount will be borrowed from the broker.Whether the loan is lent by a broker or advanced by a commercial bank, the broker is the creditor and the customer is the debtor.
(3) It is a mortgage relationship.When customers need money, they must hold stocks to borrow money from the broker as collateral. The customer is the mortgagor, and the broker is the mortgagee. When the stocks are sold later, the broker can deduct the amount of borrowing from its money.If the broker is unable to lend money, the client's stock can be sent to the commercial bankRehypothecation。
(4) YesFiduciary relationship。The client shall hand over the money and securities to the broker for safekeeping, and the broker shall be the approved trustee of the client.The broker shall not use the client's property for his own benefit in the trust relationship.If a client wants to engage in stock trading, he must first open an account with a stockbroker company to obtain all necessary information, and then entrust;The broker shall not disobey or change the client's entrustment.
management system
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Establishment and dissolution
The State Council shall establish a stock exchangeSecurities Administration CommissionReview and report to the State Council for approval.In practice, when applying for the establishment of a stock exchange, the following documents shall be submitted to the Securities Regulatory Commission of the State Council:application；Articles of Association and MainBusiness RulesDraft;List of proposed members of the committee;List and resume of candidates for the Council;Description of site, equipment and funds;Description of the proposed management personnel;wait.Among them, the articles of association of the stock exchange mainly include: the purpose of establishment;name;Location and functional scope of main office and trading places and facilities;MembershipAnd joining and exiting procedures;Rights and obligations of members;Disciplinary action against members;Organizational structure and its functions and powers;Senior managementThe generation, appointment and removal of and their responsibilities;Capital and financial matters;Conditions and procedures for dissolution;wait.
If the stock exchange hasCause of dissolution, if the dissolution is decided by the members, it shall be reported to the State Council for approval after being examined and approved by the Management Committee of the State Council.If all securities transactions are seriousillegal activitiesThe Management Committee of the State Council shall make a decision on dissolution and report it to the State Council for approval.
Business Rules
The business rules of a stock exchange include listing rulesTrading rulesAnd other rules related to stock trading activities.Specifically, the following items should be included:Listing of sharesConditions, application procedures andListing AgreementContent and format of;Listing StatementContent and format of;Type and term of trading stocks;Stocktransaction modeAnd operating procedures;Settlement of transaction disputes;Trade Kicker Deposit of;Listed stockSuspension, resumption and cancellation of transactions;Stock exchangeClosed marketAnd closing;Listing expenses、Transaction feesCollection of;The stock exchangestock marketProvision and management of information;Handling of acts violating the business rules of the stock exchange.
Organizational form
A stock exchange shall have a committee meeting, a council and special committees.
The general meeting is the highest authority of the stock exchange and shall be held at least once a year.The functions and powers of the general meeting of members mainly include: formulating the articles of association of the stock exchange;Elect and remove directors;Review and approve the work report of the Council and the General Manager;Deliberate and pass the stock exchangefinancial budget、Final Account Report；Decide on others of the stock exchangeMajor events。
The board of directors is responsible for the general meeting of members, and is a member of the stock exchangedecision-making bodyEach term is 3 years.The responsibilities of the Council mainly include: implementing the resolutions of the General Assembly;To draft and revise the business rules of the stock exchange;Employ the General Manager and the Deputy General Manager nominated by the General Manager;Examine and approve the general manager's proposalWork plan, financial budget and final account plan;Examine and approve the acceptance and punishment of members;Determine the establishment of special committees as needed;wait.The stock exchange has one general manager and one to three deputy general managers;The term of office of the general manager and deputy general managers is 3 years.The general manager is responsible for the daily management of the stock exchange under the leadership of the board of directors and is the legal representative of the stock exchange.If the General Manager is unable to perform his duties for some reason, the Deputy General Manager shall perform his duties on his behalf.
Special committees mainly include the Listing Committee andSupervisory Committee。The Listing Committee is composed of 13 members, with 2 lawyers, 2 certified public accountants, 2 members from the place where the stock exchange is located and 2 representatives from other members;One person shall be assigned to each institution authorized by the China Securities Regulatory Commission and the local people's government where the stock exchange is located;The chairman and general manager of the stock exchange;There is one other director of the stock exchange, whose main responsibilities are to approve the listing of shares, draft listing regulations and put forward suggestions on amending listing rules.The Supervisory Committee is composed of 9 members (2 members from the place where the stock exchange is located, 4 members from other places, 1 lawyer certified public accountant, and 1 director). Each term of office is 3 years. Its main responsibilities include: supervising the implementation of the resolutions of the general meeting and the board of directors by the directors, the general manager, and other senior managers;To supervise the compliance of directors, general managers and other staff members with laws, regulations, the articles of association and business rules of the stock exchange;To supervise the financial situation of the stock exchange;wait.
supervise
The supervision of stock exchanges on stock trading activities mainly includes the following:
(1) The stock exchange shall immediately announce the market situation, and prepare a stock quotation table on a daily basis, which shall record and publish the following items in an appropriate manner: the names of the listed stocks;Opening, highest, lowest, andClosing priceLattice;And the previous oneTrading dayThe rise and fall of the closing price after comparison;volumeSubtotal and total of values;share indexAnd its ups and downs;wait.
(2) A stock exchange shall prepare daily reports, weekly reportsMonthly reportandannual reportAnd make it known to the public in a timely manner.
(3) The stock exchange shall supervise the listed company to disclose information in accordance with the provisions.
(4) A stock exchange shall conclude a contract with a listed companyListing AgreementTo determine the relationship between rights and obligations.
(5) A stock exchange shall establish a listing recommender system to ensure that listed companies comply withListing requirements。
(6) A stock exchange shall, in accordance with the stock laws and regulations, the listing rules of the stock exchange, the provisions of the listing agreement, or the requirements of the China Securities Regulatory CommissionListed stockMake a decision to suspend, resume or cancel its transaction.
(7) A stock exchange shall set up archives of listed companies, make statistics on the holdings of listed shares by directors, supervisors and senior managers of listed companies, and supervise their changes.
(8) Members of a stock exchange shall abide by the articles of association and business rules of the stock exchange and pay seat fees to the stock exchange in accordance with the relevant provisions of the articles of association and business rulesService ChargeAnd payTrade Kicker 。
(9) Members of a stock exchange shall provide quarterly, mid-term and annual reports to the stock exchange and the China Securities Regulatory Commission, and take the initiative to report relevant information;A stock exchange has the right to require its members to provide relevant statements, account booksTransactionsAnd other documents.
Management and supervision
(1) The stock exchange shall not transfer its establishment and business license obtained in accordance with the stock trading regulations in any way.
(2) Stock exchangeNon memberDirectors and other staff members shall not take part-time jobs in any form in member companies of stock exchanges.
(3) Directors, general managers, deputy general managers and other staff members of the stock exchange shall not disclose or use them in any wayInsider informationAnd may not obtain benefits from members of stock exchanges or listed companies in any way.
(4) When performing their duties, the senior managers and other staff of the stock exchangerelationshipOr other interested parties.
(5) A stock exchange shall establish a system that meets the requirements of stock supervision, administration and implementation of monitoring, and provide it with stock market information according to the requirements of the local people's government where the stock exchange is located and the China Securities Regulatory Commission.
(6) The institutions authorized by the people's government of the place where the stock exchange is located and the China Securities Regulatory Commission have the right to require the stock exchange to provide relevant materials of members and listed companies.
(7) The stock exchange shallfiscal yearWithin three months after the end of the periodIndependent accountingQualifyingaccounting firmAuditedfinancial reports, report to the authority authorized by the people's government of the place where the stock exchange is located and the China Securities Regulatory Commission for the record, and copy to the Securities Regulatory Commission of the State Council at the same time.
(8) UnpredictableIncidentsIf it leads to the suspension of the market, or if it takes technical measures to maintain the normal order of the stock exchange, it must immediately report to the people's government of the place where the stock exchange is located and the China Securities Regulatory Commission, and make a copy to the Securities Regulatory Commission of the State Council.
(9) The institutions authorized by the people's government of the place where the stock exchange is located and the China Securities Regulatory Commission have the right to require the stock exchange to provide reports and materials related to business and finance, and have the right to send personnel to inspect the businessFinancial positionas well asaccounting bookAnd other relevant information.
(10) A stock exchange shall deposit its members in accordance with the relevant provisions of the StateTrade Kicker It shall not be used for trial without authorization when it is deposited in a special bank account.
(11) Stock ExchangeMembers of the Stock ExchangeWhen litigation is involved, and the senior management of these units is involved in litigation due to performing their duties or should be dismissed according to the stock laws and regulations, the stock exchange should report to the authority authorized by the people's government where the stock exchange is located and the China Securities Regulatory Commission in a timely manner.
negative influence
fromStock tradingIt can be seen from practice that stock exchanges help ensure thatstock marketOperationalContinuity, realize the effective allocation of funds, form a reasonable price, reduce the risk of securities investment, and connect the long-term andShort term interest rate。However, stock exchanges may also have the following negative effects:
1、Disrupt financePrice.becausestock exchangeA large part of the transactions are only resales and repurchases. Therefore, in the stock exchange, securities are bought and soldTurnoverLarge, but the actual delivery is not large.Moreover, since such transactions are not realfinancial assetsTo a large extent, the form of supply and demand cannot reflect the actual situation, which may disrupt financial prices to a certain extent.
2. Vulnerable to false information.Stock exchanges are particularly sensitive to all kinds of information.Therefore, as long as someone intentionally spreads false information, or falsely reportsEnterprise financial situation, or spread false political trends, etc.May causeExchange priceSevere changes, partialspeculatorWill suffer heavy losses, while others may benefit greatly.
3. Engage in improper transactions.Engaging in improper transactions mainly includesMatching transaction、False saleandGang trading。Matching transaction refers to that a trader entrusts two brokers to buy or sell the same amount of securities by one party at a limited price through various channels to raise or lower the securitiesNormal price。False selling refers to that the trader intentionally sells the securities at a high price, and at the same time orders another broker to purchase, and agrees that all losses will still be borne by the seller, which may result in the securitiesFalse prosperity。A partnership transaction means that two or more people form a partnership to manipulate the price. Once the purpose is achieved, the partner will be dissolved, including the trading partner (the partner ormarket overtBuying the securities they are interested in secretly to prevent the price of these securities from rising, or spreading adverse news to the company to lower the securities they want to buyStock price）Partnering with options (investors buy securities at a favorable price, which is usually obtained by getting through the company's board of directors, and is generally returned to directors privately from a portion of the profits).
4. Insiders manipulate the stock market.Since the management power of each company is controlled byMajor shareholderTherefore, these people may manipulate the stock price of the company by spreading the company's profits, dividends, expansion plans, acquisitions, mergers and other information;Or directly useInsider informationMaking profits, such as buying secretly before the company announces the news that is conducive to the rise of the company's stock price, and selling at a high price when the announcement is made;If the company will announce adverse news, it will secretly sell it before the announcement and then buy it at a low price after the announcement.
5. SharesBrokerCheating with exchange staff.When trading in the stock exchange, the cheating behavior of stock brokers may be reversed (that is, buying and selling on behalf of customers, or deliberately and nervously persuading customers to buy or sell quickly so that they can get commissions from each transaction), misappropriationTransaction commission, falsely reporting the market price, buying and selling without authorization so as to make profits with the customer's funds, or falsely reporting the customer's breach of contract to earn transactionsdamages。The cheating ways of the exchange staff may include: illegally buying and selling stocks in secret, colluding with stock brokers or secretly working together with stock brokersStock trading。
Top 30
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The world's top 30 stock exchanges by market value
On April 16, 2022 local time,Sri LankaColomboThe Stock Exchange announced that, in view of the situation in Sri Lanka, it will be closed for 5 days from next Monday, that is, the 18th.
