Legal Study Of Importing The Market Maker Mechanism Into Chinese New Third Market

There were20years old of Chinese security markets in2011. In the year, Chinawill focus on building New Third Market as the core of the national theover-the-counter market, especially after the Growth Enterprise Market wassuccessfully launched. Building New Third Market as the NO.1reform project inChinese capital market was introduced, it is express the national value degree anddetermination. At present, with the New Third Market expansion and listed, more andmore people begin to pay attention about it, and meanwhile, the development of NewThird Market enters into the unprecedented historical period. The construction of NewThird, the introduction of market maker system is more of a major bright spot.Market makers play a central role in the market maker system, market maker isnot only the organizers of the market, at the same time it is leader of the market.Market maker is to point to by good reputation and certain financial strength offranchise market main body, through to the public the persistent quote us investors’securities of the sale price, and in this level with its own funds and securitiesinventory for the public to investors to buy or sell securities dealers requirements. Asa link of public investors franchise dealers, both market maker through buying andselling market action, provide the market with liquidity, also be helpful for increaseturnover, active in the market. Market maker is different from securities brokers, alsonot the so-called banker, it than brokers more flexible and more powerful, more thanbanker standard, information disclosure more fully.Market maker system originated in the United Kingdom and further perfect inthe United States. because Market maker`s outstanding performance in NASDAQmarket, it is famous in the world and was introduced by many countries. Become andbidding transaction system of the current world and the type of the two big securitiestrading one of the system.Many countries are introducing market maker system to develop their securitiesmarket, especially the trading is not active the over-the-counter market, in order toperfect its capital market structure system. Chinese New third Market are also stockclinch a deal the price can’t reflect the intrinsic value, market liquidity difference andinadequate information, market development limited, the introduction of marketmaker system, to better make up for our country in the New third Market currentmarket trading system existing problems and defects, to satisfy the market demand for investment and financing needs. But China’s New third Market linked to the presentmarket situation, the introduction of the system, there may be a series of problems,including market maker of the specific mode selection, do the company have thepower, the business market manipulation of the problem and the relevant law systemand prevent the supervision system can keep up with the problems. And to perfect thelaw system and strengthening the supervision of solution is market maker system intoa series of problems faced by the two important aspects.