Development and Regulation of the Securities Market in the Internet Age

Author: Huo Xuewen
Publisher:
Publish Date: 2004-11-01
Features: This book explores the impact of internet technology on the development and regulation of the securities market in the internet era. Internet technology, primarily ICT technology, has transformed the underlying material and technical structure of the securities market, exerting fundamental effects on three supporting aspects of the market: the connotation and extension of information, the technology itself upon which the securities market relies, and the institutions formed through its long-term development. This, in turn, has had a revolutionary impact on the development of the securities market. The description of this development and the analysis of its impact trends constitute the main content of this paper. The main innovations of this book are:
1. Emphasis on historical and contextual analysis, discussing online trading within the broader context of technological innovation, institutional innovation, and the new economy.
2. Emphasis on fundamental factor analysis, proposing the hypothesis that information, technology, and institutions are the three decisive factors for the development of the securities market.
3. Emphasis on institutional analysis, introducing the concept of the material and technical structure of the securities market, arguing that the underlying material and technical structure plays a milestone role in the market's development.
4. In the overall analysis, technology serves as the main thread, with international perspectives as a reference.
5. In the specific analysis, attention is given to international comparisons and learning, as well as the impact of external factors like globalization and internal factors like China's political and cultural characteristics on the demand and development of online trading. The paper also provides a detailed analysis of online trading as a technological carrier for the securities market's development, a competitive carrier for exchanges, a growth carrier for securities companies, and a service carrier for securities regulation.
6. Emphasis on trend analysis. Against the backdrop of China's entry into the WTO and the continuous opening-up of the securities market, the paper analyzes the technological factors in the internationalization of the securities market and their impact on the development of online trading itself, as well as the multiple effects this has on exchanges, the securities market, and regulation.
7. Emphasis on new data and new materials. This paper is based on the latest international data and materials on online trading, fully reflecting the evolution of the latest information, technology, and institutional innovations.
8. The core argument and theme of the paper are: the securities market is jointly influenced and determined by information, technology, and institutions; technological development plays a significant role in driving the securities market forward; online trading is a milestone in the development of the modern securities market; the practices of securities market development in China and abroad demonstrate that online trading has strong vitality; China should overcome challenges and vigorously develop online trading to seize the initiative in the development of the securities market under the trend of internationalization in the 21st century; it is essential to strengthen regulation of online trading to ensure its healthy and orderly development.