Research On The New Three - Board Market Legal System

Party’s 18 major report to deepen financial reform, accelerate the development of multi-level capital market. New third market as an important part of China’s capital market, should naturally continue to raise the level of development, market maker system as an important new third market trading system should be continuously improved. Market-making system to our country who are familiar, beginning as early as 1999 inter-bank bond market attempts to market-making system, and formally established in 2007 in the inter-bank bond market making system. But out of market makers in the making process of possible market manipulation, monopoly pricing irregularities such as consideration, the market maker system has yet been introduced into the stock market.Until August 2015, ban existed in the past, new mobility, a single transaction is not active, trading issues, market-making system was officially adopted by the new third Board market. People expect the market-making system to enhance the mobility of new third market, promotion of active trading and improve transaction efficiency. However, reality of the situation is not satisfactory. Why so? I think the root cause is the lack of relevant legal system does not run for market-making system to provide a better environment. Specific performance: admission conditions incomplete market maker for that lack of capacity; unequal that the rights and obligations of market makers lack of market enthusiasm; imperfect laws and regulation that market maker behavior is not standard and so on.Therefore, this paper is committed to forming a sound legal system.This paper has five parts: first, through the market-making system, centralized bidding system and transfer three trading systems is compared in detail, clear connotations and features of the market-making system. Second, pointed out that China’s development requires market-making system for the new ban, and the challenges posed by the market-making system to our country. The third, analysis of the existing market-making system in the problems existing in the application to the new Board. The forth, the Anglo market-making system was introduced, and its inspiration to China. Finally, puts a new concrete measures to ban legal system of market makers.