This disclosure provides a spinal stabilization system and method for stabilizing at least two vertebrae. The system holds together the vertebrae while allowing a limited amount of relative movement between the vertebrae. The system may include a flexible braid having two free ends, at least one spacer interposed between the spinous processes of the vertebrae, and a securing mechanism for securing the two ends of the braid to hold the at least one spacer between the spinous processes of the vertebrae. In some embodiments, the securing mechanism may comprise parts movable relative to each other. Portions of the braid may be placed between the movable parts. A mechanical member may cause the movable parts to move towards each other to secure the two ends of the braid.