Study On The Design Of Market-maker System In China

Maker Rule Market is a securities trading way which is based on the price of market maker to form the transaction price, thus improve the liquidity of the market and securities for the initiative pricing.. The market maker system is very important for small and medium sized scientific and technological enterprises to enter the capital market financing.. Because of the small and medium-sized enterprises of science and technology, due to its current size is relatively small, relatively good growth, if the bid or other non market maker trading system is not conducive to play the pricing function of capital market. Therefore, based on the theory and practice, this paper makes a comprehensive study on the market maker system, especially the trading system..On the basis of the research of the market maker, this paper expounds the meaning, features and functions of market maker and the operating mechanism of market maker system.. Then through the analysis of China’s new Sanban market structure and characteristics, after research new Sanban market trading rules, present situation, for our country’s new third board market implementation market trading system of the existing problems are analyzed.Through the research above, by comparing the domestic and foreign exchanges market maker development, put forward the several system design proposal, including market makers preferential access to relevant information, and in the form of price adjustment timely to the market to convey; can set related block trading delay reporting system, block trading give abnormal fluctuation of the market down to minimum; in order to encourage market makers involved in some low liquidity of stock trading can with back to the Commission and other ways to encourage their participation in the market and so on..