The Legal Construction Of Market Maker System In The New Third Board

The New Third Board is referred particularly to Zhongguancun Stock Transfer Agent System. It is designed as a share transfer platform for unlisted companies, especially growth enterprises with high technology in Zhongguancun High-tech Park. It is also a pilot program of OTC market in China.Shares transfer through negotiated dealing system in the New Third Board. This transaction system played an active role in the early days of the New Third Board. But with the deepening of marker development, the negotiated dealing system is not suitable for the market. There are many problems in the negotiated dealing system, such as low volume of trading, low efficiency of price discovery and poor activity of securities firms.Market maker system has advantages in promoting the trading volume of less well known securities. According to the characteristics and the existing problems of the New Third Board, there is a necessity of introducing the market maker system into the New Third Board. For there is not much experience of market maker system in China, it is necessary for the New Third Board to learn from some other markets of different countries, different areas and different levels of development.This thesis is divided into four chapters. The first chapter introduces the development and the present situation of trading system in the New Third Board. The second chapter proofs the necessity and feasibility of introducing market maker system into the New Third Board. The third chapter analyzes the characteristics and experiences of marker maker systems of different countries, different areas and different levels of development. And in the fourth chapter, a construction of market maker system in the New Third Board is provided.