Alternative Trading Systems(ATSs) are electronic trading systems based on the internet,non-intermediary media and automatically bring together and match multiple securities orders of buyers and sellers belonging to non-discretionary rules,and are the product of computerization of securities exchange,which belong to the category of curb exchange.Compared with the traditional stock exchanges,ATSs have non-discretionary exchange rules and particular relationship with the investors,and non-intermediary trade all kinds of securities with more efficiency.Compared with U.S.A and EU,China also has the market environment and conditions to set up ATSs,so we should encourage the establishment and development of ATSs in China,and scientifically construct the legal system of ATSs regulation in China from the aspects of objectives,principles,model of supervision and prudential requirements.