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On The Perfection Of The Market Maker System Of Three New Board Market In China

Posted on:2017-03-10Degree:MasterType:Thesis
Country:ChinaCandidate:Z Y ChengFull Text:PDF
GTID:2296330485492369Subject:Economic Law
Abstract/Summary:PDF Full Text Request
If in order to obtain more illegitimate interests, several market makers may also powerful combination to earn greater profits because of the profit-driven capital and market maker’s own operational risks. This is not only a violation of the interests of other market makers and investors, also disturb of the market competition order. Therefore, it is particularly important to improve obligations and the rights of market makers, market access and exit mechanism and legal supervision.This paper firstly come straight to the point, start with new major legal relations and legal risks involved in the market maker and the development of the new third board market, the introduction of market makers and it’s meaning and types,on these basics, it focuses on the major legal relations of the market makers involved in, and further analyzes the main legal risks involved in, such as pricing risks, information risks and liquidity risks, market maker’s qualification confirmation and exit risks, the legislative risks and regulatory risks. The first chapter is the introduction of full papers,thus discussion of market maker regulation of obligation and rights, access and exit regulation and legal supervision. thereby the market maker’s obligations regulation, protection of the rights, access and exit regulation, Legal Supervision and so on. The second chapter, The second chapter mainly discusses marketmakers’ qualification confirmation and perfect of the new three board, analyzes marketmakers’ qualification confirmation’current situation of the new three board market, compared relevant experience of qualification confirmation in the us,UK and China’s Taiwan region,put forward Suggestions of legal regulatory about market access of the new three board market in our country, including two aspects of market access eligibility and market makers’ business training. The third chapter focuses on market makers’ obligations of legal regulation, drawing on the experience of mature markets of the Britain, the United States and China’s Taiwan, then puts forward suggestions of legal regulation on our country.The fourth chapter discusses market makers’rights of legal regulation of the new third board market, citing the practice of mature market of the Britain,the United States and China’s Taiwan, puts forward recommendations of the legal regulation of the new third board market for market makers’rights. The fifth chapter discusses market markets’exit mechanism and perfect of new three board market, analyses the present situation in our country, introduces the experience in the United States,the Britain and Taiwan region of China, puts forward Suggestions of legal regulation about marketmakers’ exit mechanism of the new three board market our country, including two kinds of delisting, and puts forward two supplementary Suggestions on strengthening supervision, namely, to establish perfect electronic trading system and to build regulatory laws, establish the hierarchical supervision system. Especially with the relevant provisions of 《The Securities Law Of The People’s Republic of China》, and the near 《Interim Measures for Small and Medium Enterprises Share Transfer System LLC》, 《National SME share transfer system business rules (Trial)》, 《national SME shares transfer system stock transfer rules (trial)》 and 《national SME share transfer system maker making business management (trial)》, the focus of market maker’s risks in China, and puts forward corresponding countermeasures and suggestions.
Keywords/Search Tags:The new third board market, Market Maker System, Legal risk Legal Supevision
PDF Full Text Request
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