| Chinese Growth Enterprise Market(GEM) implements the auction trading system as the same as the Main Board market, however, the characteristics of the two does not make the same, GEM has higher uncertainty, growth, and information asymmetry factors, and more likely needs liquidity and stability. Since the launch of Chinese GEM, it does not seem like to lack of market fluidity apparently, but it is not difficult to find that the whole trade volume is in a downward trend by carefully examining, and the price fluctuation is intense, unilateral trend is obvious, market stability is not enough too. Market maker trading system has advantages on increasing market liquidity, stabling market prices, preventing market manipulation, price discovery and it also has a strong advantage of large transaction processing capabilities. Because all above, most of international securities markets and especially the GEMs introduce or implement market maker trading system, makes it as a mixed trading patterns with auction trading system, it is not only the trend of international GEM, but also a natural direction of Chinese GEM. Though Chinese GEM has not introduced market maker trading system, but the introduction of market maker trading system is necessary and feasible. This paper concluded that the introduction of market maker trading system to the Chinese GEM is necessary and feasible, and then proposed advices to build the system.Besides the introduction and conclusion, the thesis divided into four chapters:Chapter one is an overview of GEM and market maker trading system. Including the concept, features and functions of GEM; the concept, characteristics and types of market maker trading system, and its comparison with the auction system.Chapter two is the analysis on the market maker trading system of International GEM and its development trend. Introduced the NASDAQ Market of the US, the UK Alternative Investment Market (AIM), and Japan JASDAQ market's market maker trading system, so that to analyze the trends and origins of market maker trading system of International GEM.Chapter three concluded that the introduction of market maker trading system to the Chinese GEM is necessary and feasible. It analyzed from several aspects on these necessary and feasible elements.Chapter four puts on the structure of market maker trading system to the Chinese GEM. Including the selection of Chinese GEM trading system mode, remove legal obstacles from the market maker trading system, construct market maker's access system, construct market maker's business rules, construct market maker's supervisory system and complete other relevant supporting facilities. |
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