Market Maker System Research By Comparison

Market maker system which is popularly adopted in overseas capital market is very important for maintaining liquidity and efficiency for the particular securities that they make markets in. Nor that second-board market in our country is vividly portrayed, the system is of the most importance. It's very important for our second-board market and the whole securities business to study the design of market maker system, including the qualification, the right, the obligation and the management.The paper complies with Marxism Dialectic Materialism, insists in pursuing the truth, studies from practice and conflicts, analyzes the excellence the disadvantage and the difference in different countries of market maker system. And with the method of comparison, it compares the system in different country and different time.First, the paper introduces the basic theoretic, including the definition, characteristic, function, classify and frame of reference. Then, it recommends the systems in America, England, Germany, and Taiwan of China. In the last chapter, by the comparison of different modus operandi, the paper provides some well-regulated conclusion and some useful advice.