另类交易系统的法律界定

作为一种新型证券交易场所，另类交易系统是一种以互联网为基础的，依据一定规则自动聚集并撮合投资者委托买卖证券指令的电子交易系统。它属于场外交易场所的范畴，与传统交易所相比，其交易对象更广，交易流程更为便捷，交易规则特殊，同投资者之间的法律关系也不同。它的出现，不仅对传统交易所和中介机构的地位产生了强烈冲击，而且对传统的证券监管体制和证券诉讼也产生了深刻影响。本文在国外对另类交易系统概念界定的基础上，论述了其基本概念和特征，以期为将来我国另类交易系统的立法和监管提供理论参考。

Legal Definition of Alternative Trading System

Alternative trading system, relying on internet, is an electronic trading system to accumulate and match orders in line with relevant rules. As an OTC system, it covers a wider range of trading instruments, less complicated trading procedures, unique trading rules and observes different legal relation with investors, as in comparison with traditional stock exchanges. The emergence of the OTC market not only poses threat to traditional exchanges and intermediaries, but greatly impacts regulatory system and way of lawsuits. This paper reviews the basic principles and characters of overseas alternative trading system in hope to make theoretical reference to Chinese law makers and regulators.