| Worldwidely speaking, financial derivatives play an important role in improving efficiency in resource allocation and contributing to economic growth. OTC derivatives constitute a large proportion of financial derivatives. As OTC financial derivatives in capital market, OTC market of securities companies has matured in developed countries and regions such as the United States. Developing OTC market of securities companies can help to improve multi-level capital market structure, meet the demand of investment and financing and risk management, and help securities companies improve their comprehensive strengths and core competitive advantages. While OTC market of securities companies, as one of the underlying market of China’s multi-level capital market, is at its primary development stage with incomplete laws and regulations system, insufficient product categories, and quite limited market reach, capacity and depth. How to take effective measures with consideration of China’s current situations to establish and develop OTC market of securities companies in line with marketization operating law so as to improve capital market’s capability of serving real economy is currently under exploration.This thesis includes five chapters: Chapter One is Introduction; Chapter Two introduces the development of OTC market of securities companies in foreign countries, particularly the establishment and development experience from the U.S. market; Chapter Three introduces the development of OTC market of securities companies in China, and analyses existing problems; Chapter Four analyses the environment underlying the development of OTC market of securities companies in China, and proposes suggestions for such development with current problems in mind, i.e. improving laws and regulations system, adopting marketized supervision mode with emphasis on industry self-discipline, and establishing and improving OTC market structure of "Two Platforms, Three Levels"; Chapter Five is Conclusion. |
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