1, the stock exchange shall provide guarantee for the organization of fair and centralized trading, publish the real-time market of securities trading, and make a stock market table according to the trading day and publish it. Without the permission of the stock exchange, no unit or individual may publish the real-time quotation of securities trading.

2. The stock exchange has the right to deal with the suspension, resumption or termination of listing of stocks and corporate bonds in accordance with laws, administrative regulations and the provisions of the the State Council securities regulatory authority.

3. When the normal trading of securities is affected by unexpected events, the stock exchange may take technical suspension measures; A stock exchange may decide to suspend trading due to unexpected events of force majeure or in order to maintain the normal order of securities trading.

When a stock exchange suspends trading technically or decides to suspend trading temporarily, it must report to the securities regulatory authority in the State Council in time.

4. The stock exchange shall monitor the securities trading in real time, and report the abnormal trading according to the requirements of the State Council securities regulatory authority. A stock exchange shall supervise the information disclosure of listed companies and related information disclosure obligors, and urge them to disclose information timely and accurately according to law.

A stock exchange may, when necessary, restrict the trading of securities accounts with major abnormal trading conditions and report to the the State Council Securities Regulatory Authority for the record.

5. A stock exchange shall set up a risk fund by extracting a certain percentage from the transaction fees, membership fees and seat fees collected. The risk fund is managed by the board of directors of the stock exchange. A stock exchange shall deposit the collected risk funds into the special account of the bank where the account is opened, and shall not use them without authorization.

6. A stock exchange shall formulate listing rules, trading rules, membership management rules and other relevant rules in accordance with securities laws and administrative regulations, and report them to the the State Council securities regulatory authority for approval.

Extended data

A stock exchange is a legal person that provides places and facilities for centralized securities trading, organizes and supervises securities trading, and implements self-discipline management. Judging from the situation of countries all over the world, there are two kinds of stock exchanges: for-profit legal person with company system and non-profit legal person with membership system, and China's stock exchange belongs to the latter.

At present, there are two stock exchanges in Chinese mainland, namely 1 Shanghai Stock Exchange 1990, 165438 and Shenzhen Stock Exchange 1990,1established on February 26th. There are four stock exchanges in China: Shanghai Stock Exchange, Shenzhen Stock Exchange, Hong Kong Stock Exchange and Taiwan Stock Exchange.

The functions of the stock exchange:

1, providing a securities trading place. Because of the existence of this market, both buyers and sellers of securities have centralized trading places, which can transfer and realize their own securities at any time to ensure the continuous circulation of securities.

2. Form and publish the price. The securities transactions completed in the exchange form the prices of various securities, because the securities transactions are centralized and open.

When the transaction is reached through bilateral bidding, the price is generally fair and reasonable in theory. This price is announced to the public in time as an important basis for various related economic activities.

3. Concentrate all kinds of social funds to participate in investment. With more and more stocks listed on the exchange, the number of transactions is also increasing, which can attract a wide range of funds for stock investment and provide the funds needed for enterprise development.

4. Guide the rational flow of investment. Exchanges provide convenience for the free flow of funds, and reflect the profitability and development of securities issuing companies through daily market information and listed company information. Make social funds flow to the most needed and favorable direction.

5. Formulate trading rules. Only when there are rules can there be a square, and fair trading rules can achieve fair trading results. Trading rules mainly include delisting rules, bidding rules, information disclosure rules and delivery and settlement rules.

The main difference between different exchanges lies in the different trading rules. The same exchange may also adopt a variety of trading rules, thus forming a market segment. For example, Nasdaq is divided into global selected market, global market and capital market according to different listing conditions.

6. Maintain trading order. No trading rules can be perfect, and trading rules may not be effectively implemented. Therefore, one of the core functions of the exchange is to supervise all kinds of behaviors that violate the principle of fairness and trading rules, so that transactions can be conducted in a fair and orderly manner.

7. Provide transaction information. Securities trading depends on information, including listed company information and securities trading information. The Exchange is responsible for supervising and properly examining the information provided by listed companies, and is obliged to publish the trading information immediately.

8. Reduce transaction costs and promote the liquidity of stocks. If there is no formal economic organization or organized centralized securities trading market, investors must contact each other to determine the trading price and quantity in order to complete securities trading.

This kind of transaction will increase the transaction cost and slow down the transaction speed because of the need to find the transaction object and the existence of information asymmetry, transaction default and other factors. Therefore, the existence of centralized trading market can increase trading opportunities, improve trading speed, reduce information asymmetry and enhance trading credit, thus effectively reducing transaction costs.

Baidu encyclopedia-stock exchange