Study Of Introducing Market Maker Rule In Chinese Security Market

From the first Stock Exchange- the Shanghai Stock Exchange established in 1990, China's securities market has been established for about 20 years. These 20 years, from the initial total 14 in Shanghai and Shenzhen listed companies to today's 2,000, the average daily turnover from less than ten million to average daily turnover of more than 200 billion in 2010. In the 21st century, the acceleration of international financial integration, China's securities market is facing many challenges, QFII implementation, making a large number of qualified foreign institutional investors to seize the Chinese market, many well-known companies have chosen to overseas listing. The lack of international competitiveness of the securities market, such as policy market, speculative market, low cost, high-regulatory factors such as the legal system is not perfect, restricts the reformation of China's stock market. China's stock market need to constantly improve their system construction, improve their competitiveness in order to obtain long-term development.Market maker system is common in mature capital markets of the international exchange market, it refers to the broker using their own funds to buy certain stocks, as the inventory and sale of these shares in order to maintain a continuous flow of stock to form a kinds of sense, "market making".This thesis bases on study of the market maker system, in combination with the status quo of China's securities market and the characteristics of most of China introduced a market maker system suitability analysis and design of China's basic framework for the introduction of market-maker system, and then analyzes the implementation process obstacles, and make recommendations This thesis is divided into six parts:the first part of the Introduction, describes the background and significance of research, research ideas and methods; the second part of the theory, introduced the theory of market-maker system, through literature, historical analysis to explain the concept of market-maker system and the application of the status quo, the four trading system evaluation system the relationship between indicators and market efficiency; third part of the analysis of the status quo of China's securities market, the development process, trading system, trading in the evolution; fourth part, combined with the characteristics of China's securities market, China stock market liquidity, stability focus on analysis, problems and cause analysis, combined with the development and characteristics of the market maker system, the introduction of market-maker system for adaptive analysis; the fifth part, qualitative analysis and quantitative analysis combination of methods, the introduction of market makers of our system design, and proposed the introduction of market-maker system in China may face obstacles, and make recommendations. Part VI Summary and Outlook.