A Comparative Study Of The Otc Market

This paper implements a comparative analysis of the major Over-the-Counter (OTC) Markets (USA NASDAQ market, Japanese JASDAQ market, Taiwan province Emerging Stock market) and the history of development of China's over-the-counter (OTC) equity market. We discover the macro-contour for major international OTC markets. (1)From the point of Historical evolution, OTC Market is front of exchange house, then OTC Market and exchange house are commondevelopment;(2)From the point of the intrinsic driving force, both are in the direction of declining the transcaction cost;(3) From the development patterns, the path is frome scatter to centralized, notably NASDAQ, OTCBB; (4)Exchange house is associate with OTC market, (5)OTC Market is a Dealer market. Then according to the history, society and economic environment of Tianjin, as a key layer market of multi-layer market it need to draw lessons from NASDAQ etc. to construct Tianjin's OTC market which meet the demands of the market economy. We explore a comprehensive idea for construction of OTC market. Finally we analyze three feasible solutions.