Generally speaking, an exchange refers to a stock exchange. The stock exchange is an organized stock exchange market and belongs to a non-profit enterprise legal person. The business of a stock exchange is mainly to provide places and facilities for centralized trading of securities. The stock exchange itself does not participate in securities trading, manages securities companies and listed companies within the scope approved by the competent authorities, and provides securities market information services.

Judging from the situation in various countries, there are two kinds of stock exchanges: for-profit legal person with enterprise system and non-profit legal person with membership system, and China Stock Exchange belongs to the latter.

Characteristics of stock exchanges

The stock exchange has strict organization and management rules. The establishment of a stock exchange must comply with relevant laws and regulations, and the establishment of a stock exchange must obtain special permission from the government. The stock exchange is a self-regulatory organization, and the stock exchange is well organized; Have a clear division of labor and a sound internal management system.

The stock exchange itself does not hold securities, nor does it participate in the trading of securities, let alone determine the price of securities. The buying and selling price of securities in the exchange is based on the price range determined by buyers and sellers. The stock exchange was established through public bidding. The exchange only creates conditions for the trading of securities buyers and sellers, provides services and supervises both parties.