The China Securities Regulatory Commission should not be the sole regulatory body to supervise the domestic financial market. The Securities Regulatory Commission represents government responsible for the organization and the construction of the bond market, but it should not become a direct participant of markets. From the perspective of market operation, the commission should emphasis on the coordination among different regulatory bodies, ensuring the ability of stock exchanges to implement its responsibility and maintain the market's order. Stock exchange managerial fault in China is the source of numerous present issues. If stock exchange is unable to implement the duty as a regulatory body, the option for new stock exchange is completely viable.