Research On The New Three-panel System Of Market Makers

On July16,2001, in order to solve the original STAQ and NET system ofstate-owned enterprise legal person share and motherboard delisted stock circulationproblem, the securities company agency share transfer system that is "old SanBan"formal establishment.On January16,2006, to attract a large number of small and medium-sizedenterprises to the SanBan markets traded, promoting SanBan market place in thecapital market, the securities company agency share transfer system of zhongguancunscience park non-listed shares co., LTD. Offers transfer pilot measures was issued,known as the "new SanBan".On January16,2013, so as to further improve the new SanBan market resourceallocation function, and respond to the call the country the multi-level capitalmarket system construction, the small and medium-sized enterprises share transfersystem co., LTD was officially listed. February2014, new SanBan a total of646listed companies, soon break through1000, with the deepening of the marketdevelopment, new SanBan also exposed the four outstanding problems: poor liquidity;Performance differentiation and fluctuation; Valuations are smooth and overall low;Financing difficulties and differentiation. Four big problem highlights the importanceof the trading system, new SanBan introducing market-making system is specified,and is about to enter the simulation test, but after all, in the implementation of thetransitional stage, the specific details have not yet issued.In this paper, the first a pair of market maker system are analyzed in theory, fromthe development of the system evolution, analyseing the advantages anddisadvantages of the competitive market maker system, the traditional market makersystem and mixed market-maker system, focusing from marketmakers quotation rules,pricing theory, risk management and supervision to ensure the operation of theinternal and external market maker system foundation, and introduces the uniqueadvantages of market maker system to otc market, for the new SanBan market and the necessity of introducing market-making system concrete building carried on thetheoreticalfoil.The second introduces the otc markets overseas practice of introducingmarket-making system, on the basis of sum up experience, it is concluded that thetraditional marketmakers system, self-discipline supervision, loose financingenvironment is the key to the healthy development of the market maker system of theotc market including the new SanBan.The third from the angle of problem analysis and value analysis, this paperexpounds the importance of market maker system for new SanBan market, which isthe core of the new SanBan market price discovery function into full play.The fourth based on the analysis of in the previous three, according to the overallframework of market maker system and on the basis of the existing regulations, to ourcountry new SanBan market market-maker system put forward the countermeasuresand Suggestions, including market maker system pattern choice, market-makers entryand exit, the rights and obligations of marketmakers, market-makers risk managementand regulation of market makers.