大致的细节可以透过前几天的动态以及股市的历史教训推演出来。
This is where the action of the last few days and the lessons of stock-market history can suggest the likely details.
多国历史事实和理论推演证明：证券交易所只有在竞争环境下，才会对证券市场进行积极有效的监管，这一监管的动力在于交易所追求收入的最大化。
As shown by histories of multiple countries and theoretical analysis, securities exchanges can and only can function as a valid regulator under the pressure of competition.
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