证券交易机制是证券市场具体交易制度设计的基础，如上海证券交易所和深圳证券交易所的集合竞价和连续竞价，其设计依据就是定期交易和连续交易的不同机制；
市场微观结构理论的研究主要集中于证券交易价格形成与发现的过程与运作机制。
Researches in the market microstructure focus on the processes of discovering the trading prices and the operating mechanisms of the trading prices.
因此，健全我国证券交易所的自律监管机制具有重要的现实意义。
Therefore, a sound self-regulation mechanism of our Stock Exchange has important practical significance.
熔断机制是指股指下跌一定比例后，证券交易所采取暂停交易以避免恐慌性抛售的措施。
The circuit breaker mechanism refers to measures adopted by stock exchanges to temporarily halt trading to avert panic selling after the stock index has fallen a certain percentage.
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