The differences between stock exchanges and securities companies are as follows:

1. Different concepts

A securities company is a legal person enterprise specializing in the purchase and sale of securities. Securities operating companies and securities registration companies. A securities company in a narrow sense refers to a securities operating company, which is an institution that specializes in securities business after being approved by the competent authority and obtaining a business license from the relevant industrial and commercial administration bureau.

It has membership of a stock exchange and can underwrite the issuance, buy and sell securities on its own account, or buy and sell securities on its own account and as an agent. Ordinary investors' securities investments must be made through securities dealers.

A stock exchange is a legal person that provides venues and facilities for centralized securities trading, organizes and supervises securities trading, and implements self-regulatory management. Judging from the situation in various countries around the world, stock exchanges include corporate for-profit legal persons and membership-based non-profit legal persons. my country's stock exchanges belong to the latter type.

2. Different characteristics

The characteristic of the stock exchange is that the stock exchange is a non-profit social legal entity formed voluntarily by several members. The members that constitute stock trading are all securities companies, including formal members and informal members. The establishment of a stock exchange is subject to state approval.

The characteristic of securities companies is that most of them are state-owned enterprises, and the donation of assets must meet the relevant regulations of the state-owned asset management department. Most of them are unlisted companies, with limited share circulation and no market price, but they have plans to go public and can meet the relevant regulations of listed companies.

3. Different responsibilities

The stock exchange should provide guarantees for organizing fair centralized transactions, publish real-time securities transaction prices, and prepare and publish securities market price tables based on trading days. Without permission from the stock exchange, no unit or individual may publish real-time securities trading quotes.

The main responsibility of a securities company is to design and plan the stock listing of restructured enterprises. The main tasks include: participating in the design and formulation of enterprise restructuring plans, providing listing guidance, drafting, summarizing and submitting to restructured enterprises that plan to issue stocks. Collect all application materials for issuance and listing, organize the underwriting of stocks of listed companies, and undertake the organization and coordination work for issuance and listing.