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【注释】 World Federation of Exchanges Cost & Revenue Survey 2003.
Issues Paper on Exchange Demutualization, Technical Committee of International Organization of Securities Commissions (IOSCO), June, 2001.
Shamshad Akhtar, "Demutualization of Asian Stock Exchanges－Critical Issues and Challenges," in Shamshad akhtar, ed. Demutualization of Stock Exchanges－Problems, Solutions and Case Studies, (Asian Development Bank, 2002), p.4.
Jennifer Elliott, Demutualization of Securities Exchanges: A Regulatory Perspective, IMF Working Paper, 2002, p.13.
OECD Principles of Corporate Governance, Organization For Economic Co-operation and Development (OECD), 2004.
Norman S. Poser, "The Stock Exchange of the United States and Europe: Automation, Globalization, and Consolidation," Pennsylvania Journal of International Economic law, vol. 22, (Fall 2001), p.501.
Model For Effective Regulation, Report of SRO Consultative Committee of the IOSCO, May 2000.该文件将自律的目标概括为"to preserve market integrity(fair, efficient and transparent markets), to preserve financial integrity (reduce systemic risk) and to protect investors"。
施东晖：《证券交易所竞争论》，上海远东出版社2001年版，第68页。
《证券及期货条例》（2002）第Ⅲ部第2分部，第19、21条。
William Pearson, "Demutualization of Exchanges-The Conflicts of Interest (Hong Kong)," in Shamshad akhtar, ed. Demutualization of Stock Exchanges－Problems, Solutions and Case Studies, (Asian Development Bank, 2002), p.88.
《韩国证券和期货交易所法》第3条。
根据世界交易所联合会（WFE）2003年的统计数据，截至2003年12月，WFE统计的50家交易所中，14家证券交易所已经完成公司制改制但股票还没有公开上市，13家证券交易所已经变成了公开上市的交易所；公司制交易所占统计的全部成员交易所的54％。令人关注的是，世界著名的交易所，除了纽约证券交易所之外，澳大利亚证券交易所（ASX,1998）、新加坡交易所(SGX,1999)、伦敦证券交易所(LSE,2000)、纳斯达克股票市场（Nasdaq,2000）、香港交易所(HKEx,2000)、泛欧交易所(Euronext,2000)、多伦多证券交易所(TSE,2000)、东京证券交易所(TSE,2001)都已经变成公司制交易所。
Roberta S. Karmel, "Turning Seats into Shares: Causes and Implications of Demutualization of Stock and Futures Exchanges," Hastings L.J., vol.53 (January 2002), p. 401.
Section 6(b) (3), Securities Exchange Act of 1934.
Section 6(c) (1), Securities Exchange Act of 1934.
Ruben Lee, What is an exchange? (Oxford and New York: Oxford University Press, 1998), p.193.
Section 6(b) (5), Securities Exchange Act of 1934.
See, Annual Report 2003, WFE.
参见《NYSE完美风暴》，《财经》2003年第19期，总第93期，第33页。
Financial and Statistic Highlights, NYSE Annual Report 2002.
参见《NYSE完美风暴》，《财经》，2003年第19期，总第93期，第33页。
"Improving the Corporate Governance of the New York Stock Exchange", November 20, 2003: Testimony of NYSE Interim Chairman and CEO John Reed, before the U. S. Senate Committee on Banking, Housing and Urban Affairs.
执行委员会（BoE）一般由20－25业内人士代表，加上交易所的主席和CEO组成。See, http://www.nyse.com/about/theorganization/1091545088167.html.
Fair Administration and Governance of Self-Regulatory Organizations; Disclosure and Regulatory Reporting by Self-Regulatory Organizations; Recordkeeping Requirements for Self-Regulatory Organizations; Ownership and Voting Limitations for Members of Self-Regulatory Organizations; Ownership Reporting Requirements for Members of Self-Regulatory Organizations; Listing and Trading of Affiliated Securities by a Self-Regulatory Organization, SEC Proposed Rule, Release No. 34-50699; File No. S7-39-04, http://www.sec.gov/rules/proposed/34-50699.htm.
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