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证券业作为金融体系的重要组成部分,担负着优化资源配置、拓宽投融资渠道和维护金融稳定等重任。从美国证券业反托拉斯实践来看,证券市场的限制竞争行为多发生在首次公开募股和交易所规则制定中,表现为联合投标、协助性限制和搭售等垄断协议行为。证券市场主体的多重性、市场结构和集中竞价交易模式最大限度避免了市场支配地位的产生。证券业监督管理机构依据法律规定,尽职履行职责的行为应当获得反垄断法豁免。上述经验对我国尚处起步阶段的反垄断执法具有重要的启示和借鉴意义。
As an important part of the financial system, the securities industry is entrusted with the task of optimizing the allocation of resources, broadening investment and financing channels and maintaining financial stability. From the perspective of the antitrust practice in the securities industry in the United States, the restricted competition in the securities market occurs in the formulation of initial public offering and exchange rules, which are manifested in monopoly agreements such as joint bidding, assistance restrictions and tying. The multiple nature of the securities market, the market structure and the centralized auction trading model have avoided the dominance of the market to the maximum. According to the law, the securities regulatory authority shall be exempt from antitrust law if it conducts due diligence. The above experience has an important enlightenment and reference significance to China’s antitrust enforcement in its infancy.