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Hexun homepage established mobile phone version of the stock/fund micro-blogging news blog roll daily observation of gold community write rapidly economic observation on unit thermal financial political comments on the quality of literature and history on the finance peopleRubric interview and you say the global observation of weekly hexun.com review Chinese economic weekly issue 2012 > source body font size print RSS February 20, 2012: China economic weekly author: Niu WenxinNiu Wenxin said, securities and Futures regulators are engaged in a great debate. Core issue is after he became Chairman of the SFC to all three issues raised by securities regulators: how to use the scientific development of the capital market to promote the scientific development of the national economy; through multi-level capital market system of services to small and medium enterprises, "farmer" andStart-up activity; embodied in how to work in the Securities and Futures regulation and safeguard the fundamental interests of the broadest masses of the people. I think that big science is China's bond market: all scientific means to ensure "openness, fairness and efficiency." This effort is omni-directional, not only needs to increase the transparency of listed companies lotro gold, is more important, all aspects of the market, in particularIs on the trading system must be "fair, open and efficient" principle of "institutional and technical" protection. Take a simple example, China's stock markets remained for more than 20 years, "according to priority, free broker price priority implementation of single trading system", although the creation of a so-called "commodities trading platform", but not a real dealTaiwan. But such a trading system for the retail market, only suitable for large stocks traded. Why is that? ����Is the key to an effective market pricing accurately, core, of course, is the capital of the capital market pricing. Realization of accurate pricing, the key is to deal fully. Pricing on behalf of all investors (institutional and individual) price of cognition, this requires market has "very high,Very efficient liquid ". ����And the high exchange rate of the US stock market, trading volume is too large, it is a manifestation of poor liquidity. ����Current trading system will lead to some fatal problems. First, all institutional investors have to deal with retail investors to trade every day, not only increased the cost of transactions, and they shock cartridge wash to raise, higher shipments. ThisNot only unfair to the retail investor, also price the interfered with the capital market. ����Second, continuous earthquake cartridge wash to raise or higher in the shipping process, excessive amplification volume, increase the rate of Exchange, key technical index of market interference from fraudulent transactions, increase the risk of investment by retail investors. Third, the regulator does not define such acts belong to the cityField manipulation, thereby condoning the behavior of many for the purpose of manipulating the market, interfering with the supervisory justice, and against retail interests. Problems in this regard, developed countries have a very good solution, investors at different levels using different levels of trading platforms, different levels of the different trading platforms trading systems, implementation of different levels of transaction costs. If the AgencyInvestors to enter the retail trading platform, immediately suspected manipulation. ����So-called multi-level capital market, not only need to be standing on the point of Division of the company, should also be built on the investor perspective, building a multi-level trading platform. Capital market's largest science is "open, fair and efficient", and ensure the implementation of this principle, in addition to insist on "maintenance of small and medium-sized investmentFunded by the legitimate rights and interests "beyond the core regulatory philosophy, there are many technical support issues. ����China on "progress on the technical support is too small", even through technical support in favour of financing, neglecting investment, fundamentally distort capital markets. Of course, more important question is "special pass" problem. China's stock market has always had a "service for XXXX"Argument. Past is the service for economic construction and service for State-owned enterprises overcoming difficulties, now is for small and medium enterprises, "farmer" and service innovation and entrepreneurship activities. These services are "financing perspective" was warhammer gold, at the same time as "special service" service under the premise of "special pass", making a number of inferior quality of listed companies, also make investors feel the fear�� ����"Special pass" on the stock market, investors hurt greatly. The author believes that he is a layman of the Chairman of the SFC, and knowledgeable of vital signs are: you must first clean up the regulatory concept which has been impeded, clearly, is the core service for investors in the capital market, finance function is a product of investments under the demands of the natural, inevitable. Market building is a good thing,But the multi-level capital market, must also adhere to the Investor Services (such as for venture capital investors from the service) principles, and not for a certain kind of company money to open "special pass".

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