The Perfection Of The Legal System Of The Market Maker System Of The New Third Board In China

The New Third Board,namely NEEQ(National Equities Exchange and Quotations),is The National Securities Exchange,set up by the approval of the State Council for non-listed public corporation to carry out the public transfer of shares,privateplacement,preferenceshares,equity pledge and other financing services. Since The New Third Board is expanded to the wholecountry,it has rapid development. The listed companies of the market has reached more than 6000,more and more companies are interested in it. Market maker system as a mature trading systemin foreign country, plays a very important role in promoting the construction of the overseas OTC market. At the beginning of The New Third Board, trading was light, many stocks can’t form completed transaction curve.But since the market maker system is introduced to the market, liquidity get greatly improved, the average daily trading volume and the number of transaction of the stock market are greatly improved than before, bringing new vitality.Market maker system has become the most important way of equity transfer.Firstlt,thearticle introduce the concept of The New Third Board, mainly ab out the development process and the status quo.Then the article introduce the concept of market maker system,mainly about its definition, classification and f unction. After clarifying the main concepts and principles, the articlecompare t he difference about the different domestic OTC markets, including The New T hird Board,The Inter-bank Bond Market and The Stock Exchange Market in Tianjin.Throughcomparsion,thearticle summaries the flaws of market maker syst em of The New Third Board,including the defect of the traditional market ma ker system, supervision,and the qualification of subject. Thirdly,through the intr oduction of the mature market maker system of the developed markets,such as NASDAQ and OTC market in Taiwan of China,we can summary the advantage we ca n learn from. Lastly,based in previous research,thearticle putsforward suggestion s for the perfection of the market maker system.Market and the trading system need to develop together,one can play a good role in promoting the other. At the beginning of the introduction of the market maker system,it has played a good role in promoting. To improve the existing system, so that the market liquidity can be further improved, which is the main thrust of this article.