Securities exchange information is collected,edited,and popularized by the securities ex- change.And there is a"free rider"problem in the exchange information's consumption.Therefore,to some extent,the securities exchange should be entitled the exclusive exchange information property. The existing legal system of China can not provide enough protection for the securities exchange infor- mation property right.Securities exchange information is a database.As the maker of the database, the securities exchange should be specially protected so that the securities exchange is entitled the ex- traction and re-utilizatic rights of exchange information.