The Research Of The OTC Market Building Of The Multi-level Capital Market Of China

In 2008, Tianjin Equity Exchange was established.And then all over the country have established many regional equity transfer markets. In 2011, "Decision on rectification of various types of trading venues to effectively guard against financial risks "(Guo Fa [2011] No. 38, Next called the State Council Document No. 38) released. State Council document No 38 set a number of restrictions to regional equity transfer market.In trading mechanism, State Council document No 38 requires the regional equity market can not take centralized auction, market makers and other centralized trading transactions. In terms of the stock holding period, State Council document No 38 requires any investor to buy or sell after buying or selling the same variety of transactions after the time interval not less than 5 days. In addition, State Council document No 38 requires that the number of shareholders of regional equity markets can not exceed 200 people.December 14, 2013, the State Council issued the "Decision of the State Council on the National SME share transfer system related issues,"(hereinafter referred to as the "Decision"). "decision" to establish a national SME share transfer system "national securities exchange" of status. Meanwhile, the "decision" of the introduction of three new board officially meant expansion to the country. "Decision" is mentioned, the number of shareholders three new board listed companies can be more than 200 people. Then, after the provisions of the revised "national SME share transfer system business rules", three new board listed companies can take stock transfer agreement, market-making mode, auction or other transfer mode approved by China Securities Regulatory Commission.Up to now, a number of regional equity transfer market has grown substantially "national OTC market", such as Tianjin Equity Exchange, Shanghai hosted equity trading center, Qianhai equity trading center. National share transfer system also relies on bonus system, the number of listed companies surge in the number of the end of 2012 about 200 listed companies, the end of 2015 breakthrough in 5000, three years increased by 25 times.Regional equity markets is now faced with the national share transfer functional positioning systems overlap, but can not enjoy the national policy of dividend shares transfer system, the legal status of the missing faces dilemma, sometimes unpredictable future.From two perspectives of investors and financiers diversity diversity, pointed out the reasons for the capital market delamination from the perspective of risk management concept stratification exchange market and the OTC market was explained. Subsequent course of the construction of the OTC market were reviewed, and the status of the OTC market’s current problems are introduced. Next on the OTC market in major developed countries and regions were introduced, summed up the common denominator.Finally, it recommends that the part of foreign stepped OTC market system has no basis in our country, for the current pattern of China’s OTC market, should be abolished, "regional equity markets" and "regional" positioning, part of the regional equity transfer market increased to the same legal status as the national share transfer system, to apply the same policy treatment, thereby establishing a parallel system of the OTC market.