| From the beginning of the development of futures market in China is not mature, to today’s expanded gradually, has been experienced a tough exploration period, its development is designed to serve the prosperity of national economy development, Because the futures market itself has the price discovery and risk management, It’s investment function has been well known and recognized and taken more and more attention, but at the same time,the development of the futures market also brought some restricts to the market function. Futures commodity liquidity is poorer, there shill exist some problems such as small scale, local problems to some extent, restricted the healthy development of the market as a whole. Problems are bound to have corresponding remedy, centralized competitive bidding in the futures market mechanism is not applicable to a commodity, so we must to make up the institutional innovation. The market maker system "born" follow the commodities development, is the inevitable choice of futures market with a certain futures varieties, market maker system has the function of the active market, stabilize the market is to increase market liquidity and standardize which is the market development effective means.This article through to the futures market and the market maker system of related research, the legal system of market makers adopted the dynamic mode of study, as market makers access to the and market maker market-making process to market makers exit as the main line, the legal system of the content of the regulation for market makers detailed study analysis, the main research content is as follows:The first chapter of the futures market and the market maker system has carried on the comprehensive and systematic research, and then according to the concept of market maker system, the role of risk management were expounded and analyzed. In the market maker system to our country current futures market research and use of exploration are summarized and reviewed. Market makers through the futures market and the related main body the legal relationship between analysis, makes the market-making system in the process of establishing perfect more targeted. The second chapter in the American futures market, the option market makers, the Hong Kong stock exchange market maker system are analyzed in aspects of the content of the legal system construction. It summarizes in the international futures market for market makers and the qualification cognizance of the legal regulation are mainly manifested in the main body, content of rights and obligations of the specification and the construction of supervision system, outside the successful experience is worth our using for reference and learning. The third chapter is about our futures market, through analyzing the present situation and problems of market maker system should not only been seen as a new strong prospects for development, also had to pay attention to the behind of the system deficiencies, only for a comprehensive understanding of the system, they can better solve the problems appeared in the process of market and hidden risk. Chapter iv as the pinnacle of this article, it is to our country futures market legal system of market makers of a building and perfecting suggestion. Among them, in the access link, mainly related to futures market main body of the market makers qualification conditions, rights and obligations of specification made some suggestions. In the market segment, mainly is the supervision of market makers behavior, mainly offer and information monopoly regulation. In the exit link, mainly including the independent exit and forced out of two exit ways. In this paper, the market makers on the whole, the construction of legal system in each link from entry to exit. The perfect legal system to better protect the healthy development of futures market. |
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