全球股票市场交易费用变动趋势研究

各国证券交易所为提高市场质量和增强国际竞争力,进行了股票市场交易费用结构与费率的频繁调整。本文首先总结了美国、英国、日本、香港等国家和地区交易所现行交易费用的结构特征,并以纽约证券交易所和伦敦证券交易所为案例估算了交易费率的调整比率。其次,本文运用2002年至2010年期间主要海外证券交易所的财务数据和市场数据,分析交易费用变动与交易所经营业绩的互动关系。最后,我们对欧美市场交易费用的大幅下调进行了成因分析,并探讨我国证券交易所内外部环境及经营特点与海外市场存在的差异,提出相关启示和思考。

The Research of the Trading Costs Variation Trend of Global Stock Markets

In order to enhance market quality and strengthen international competitiveness,many stock exchanges in the world frequently adjusted their stock markets trading fee structure and rate within past few years.This paper firstly summarizes the structure and characteristics of stock exchanges’ current trading costs in the U.S.,UK,Japan and Hong Kong,and employs case studies of New York stock exchange and London stock exchange to estimate the rate of change of trading costs.Secondly,we analyze the interactive relationship between stock exchanges’ operating performance and trading fee reduction on the basis of overseas main stock exchanges’ financial data and market data from 2002 to 2010.Finally,we carry through cause analysis for trading costs reduction in the Europe and the US market,discuss the difference of internal and external environments and operating characteristics between China’s stock exchange and overseas markets,and propose some related thinking.