< p > the the third Plenary Session of the 18th CPC Central Committee decision of the Central Committee of the Communist Party of China on a number of major issues concerning deepening the reform comprehensively calls for accelerating the development of multi-level capital markets, while the multi-level stock market is the core of the multi-level capital market.

In recent years, the outline of China's multi-level stock market has become clearer.

The experience and lessons from the development of multi-level stock market in developed countries have certain reference for establishing and improving the development of multi-level stock market in China.

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< p > the stock market has been divided into two levels: stock exchange market and OTC market.

In the era of no electronic pactions, under the two standards of regulation and paction, the < a href= "//m.pmae.cn/news/index_cj.asp > stock market < /a > stratification is the same, that is, the market supervision is strict, centralized trading is adopted, and the off-site market supervision is relatively loose, and decentralized trading is adopted.

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< p > with the development of < a href= "//m.pmae.cn/news/index_cj.asp" > information technology < /a >, most of the securities pactions are completed through the electronic network system. The boundary between the trading mode between the field and the OTC market has gradually become blurred, and thus an intermediate area such as "non exchange market" has emerged.

The "non exchange market" has not been registered as a formal exchange, nor is it a simple single counter market.

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< p > from the perspective of technical means, it provides an electronic centralized trading platform without any difference from the exchange. However, judging from the degree of regulation, it is not as strict as the exchange, but rather consistent or slightly stricter than the traditional OTC market.

Therefore, the traditional "dichotomy" has the trend of "three points" pition.

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< p > the International Securities Regulatory Commission (IOSCO) divides the stock trading market into three levels: first, < a href= > //m.pmae.cn/news/index_cj.asp > > exchange > /a > trading market refers to the stock exchange established by the regulatory body.

This includes the United States registered exchanges under the securities and exchange act of 1934, regulated markets in Europe, and exchanges established in other countries.

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< p > 2, the non exchange market refers to the market of centralized trading outside the Internet.

This includes alternative trading systems such as the United States and Canada, multilateral trading platforms in Europe, qualified market operators in Singapore, proprietary trading systems in Japan, and automated paction services in Hongkong.

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< p > Third, the OTC market refers to a single off the Internet counter market.

These include the US dealer trading system, paired matching networks, the European system of internal distributors, the registered electronic facilities in Malaysia, and all kinds of scattered counter trading places.

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