| This article starts with price formation mechanism, the core of trading systems, as it influences the price fluctuation and the quantities of potential investors in the stock market. Then, the article makes an analysis and comparison between market maker system and auction system, regarding to market running mechanisms and market performance. Through a comprehensive comparison of trading systems of different markets in the world, the influential factors that make different countries choose different trading systems are given. On the basis of above analysis, the article puts forward the suggestion to improve the auction system and adopt the market maker system in china's second board market, which will be helpful to the construction and development of china's second board market. |
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