As the organizer and first line supervisor of the stock market, stock exchanges play an essential role in the supervision over information disclosure of listed companies.

证券交易所作为证券市场的组织者和一线监管者，在上市公司信息披露监管方面发挥着重要的作用。

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Market forces and models are useful tools but strong supervision and regulation should always be in the first line of defense in protecting our financial system.

FORBES