Research On The "New Three Board" Market Maker Mechanism

Since the OTC financing market the "new three board" of Chinese characteristics launched.it attracts small and medium enterprises with its low threshold and convenient and flexible financing as opposed to the Shanghai and Shenzhen main board.expert teams of National Equities Exchange and Quotations continuous innovate new transaction methods in recent two years and brewing hierarchical model simulation test as well.By February 29th 2016,the total number of new three board market listed companies reached 5806,of which 4471 companies transfer stocks by agreements,1335 companies adapt market maker mechanism.On August 25th 2014,the market maker mechanism was formally launched.During this period,the market maker mechanism has played a considerable role in reasonable pricing listed companies and improving market liquidity,but there still remains a large gap between the current circumstances and the expected results.Therefore,it is necessary to further improve and perfect the "new three board" market maker mechanism.After the market downturn in 2014,corporate market making enthusiasm is re-ignited,the number of companies transfer from agreements to market making is re-innovation high.In spite of this,there are currently only 84 three new board market makers whose overall market making funds is very limited.At the same time,the number of market making enterprises has exceeded 1000 and this number is still growing.This essay consists five chapters:The first chapter is the introduction,introduces the research background,research significance.research status and research methods of China and other countries.The second chapter combined with the actual situation after implementation of the market maker mechanism,introducts the concept and characteristics of the market maker mechanism,the meaning of market maker mechanism to listed companies,stock investors and securities companies,It still describes in detail of the rights and obligations of market maker.On March 18th 2015,the National Equities Exchange and Quotations officially released the market maker index,including NEEQ component index(index code:899001)and NEEQ market maker index(index code:899002).In Sec.4 Ch.2,a fat finger instance of Hongdoushan is described in detail.The third chapter combs the foreign OTC market maker mechanism.Stones from other hills may serve to polish the jade of this one.Sec.1 introduces the NASDAQ market in the United States,Japan JASDAQ market,German Stock Exchange,Taiwan OTC market maker mechanism.In Sec.2,by comparison of foreign OTC market maker mechanism and "new three board" market maker mechanism,concludes the enlightment to China’s market maker mechanism.In the fourth chapter,combining the enlightenment comes from foreign OTC market maker mechanism,It analyzes the legal problems in the existing market maker system from aspects of legal provisions,market risks and market liquidity.In the fifth chapter,to solve the legal issues of current market maker mechanism,this essay offers related suggestions on perfecting legislation,fighting against market manipulation and enhancing market liquidity,etc.