| June 5,2014, National Equities Exchange and Quotations(NEEQ) issued <Market makers’business rules management of National Equities Exchange and Quotations(trial balloon)>, which means NEEQ had officially established market maker system in our country. According to general theories and practice of extraterritorial market, the very basic function of market makers is that market makers will dramatically advance liquidity of the market, but in the practice of NEEQ, the function of market makers yet was not revealed, especially the liquidity of market still has much room to promote, and market makers are passively working at full capacity.This article combine the data analysis of market survey, by concretely analyzed basic trading behavior and motivation of major participants in the NEEQ, the result indicates the reasons why the very basic function of market makers has not revealed yet. Combine the practice of our country, by concretely analyzed the relevant regulations of National Association of Securities Deal Automated Quotations (NASDAQ) and Emerging Stock Market, the article concludes that the imbalance of rights and obligations and the incomplete of self-regulation is the main cause. In order to give full play to NEEQ as the foundation and the front stage of China’s multi-level capital market, on the basis of reference to the extraterritorial market, this article provides specific recommendations to improved market makers system, from the of standpoint balance of rights and obligations and the complete of self-regulation. |
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