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根据国际证监会组织技术委员会(The Technical Committee of the International Organization of Securities Commissions)2001年发布的一份报告(Issues Paper on Exchange Demutualization),传统的交易所大都是由会员拥有的非营利机构(not-for-profit organizations owned by their members),属于互助性或者合作性机构(mutual or cooperative models);传统的交易所转变为由股东持有股份的营利性公司(for-profit shareholder-owned company)的过程称为交易所的非互助化(demutualization)。