Some Thoughts Derived from an Analysis of Legal Status and Operating Characteristics of Stock Exchange in Foreign Countries

Abstract

The operating characteristics of stock exchange in foreign countries are naturally mixed between the ones having an impact on society as a whole and the country’s economy, and the ones operating a private business unit as the center for trading and exchanging securities between investors. This raises a noteworthy legal issue to conduct research on the legal status of a stock exchange. This research article presents a survey of the legal status and operating characteristics in terms of structure, history, legal establishment, acquisition and remittance of income, procurement, tax payment, accounting, ownership, management structure, employment, exercise of administrative power, status under the regulation by a state audit and under the control of a state financial regulator for the stock exchanges in South Korea, Singapore, China, Malaysia, Germany, Vietnam, and countries in the Euronext group. Next, it offers some thoughts derived from a comparative analysis of the legal status and operating characteristics of these foreign stock exchanges, namely the organizational forms, characteristics that indicate the status of a private body on a stock exchange, characteristics that indicate the status of a public body on a stock exchange, and characteristics that cannot identify a stock exchange as a private or public body.