Research On The Market Maker Legal System Of China's New Third Board Market

The New Third Board Market as China's emerging capital market,have applied a good solution to solve the financing difficulties of the small and medium-sized enterprises and high-tech venture in the early days,but nowadays the market is not active,the Market Maker Legal System as the current transaction model is helpful to improve the New Third Board Market liquidity trading patterns,has been a lot of attention form the enterprise and industry to be listed on the New Third Board.In practice,the Market Maker usually uses the following transactions:Market Maker buy the stock as their own treasury stock,when investors want to buy this stock,they deal with the Market Maker directly.The advantage of this approach is to increase the liquidity of the market,but also to make transactions more convenient and safe.However,China's current regulation legal system of market makers still in the pilot phase,the proportion in the New Third Board listed companies adopt the Market Maker trading mode ratio is very weak in practice,the reason is China's laws and regulations are not perfect,so it is necessary to improve the relevant laws and regulations.This paper concentrates on the implementation of the legal system of Market Makers mode setting,the provisions of human rights and obligations of the market maker trading and market maker supervision as the main clue,through the comparative study of the world similar market system,specific analysis of China's new third board market has appeared in the case of market makers and comparison of the U.S.Market Maker System,research on current situation and necessity of the New Third Market maker for perfecting the legal system and the existing defects and shortcomings,put forward specific measures for improvement.In addition to the introduction and conclusion,this paper is divided into four parts:The first part is a basic overview of the New Third Board Market and the legal system of Market Maker.This part briefly introduces the comparison of legal system of market makers of the New Third Market particularity,multi-level capital market and other trading modes,through the typical case of the present consideration has been clear at present in our country the legal system of market makers and the state of the market maker major violations,lay a theoretical and practical basis for analysis after the actual problem.The second part describes the necessity of perfecting the New Third Market Maker of the legal system,puts forward the shortcomings of our system specific law from the transaction mode,trading rights and obligations of the parties and supervision system in three aspects,in order to the next step to put forward countermeasures.The third part conducts the research from the efficiency and the fair value orientation dimension to the domestic and foreign related legal system of market makers,especially the specific analysis of the market maker in the U.S.Nasdaq market similar to the New Third Market in China's legal system,through the comparison of the inspiration to China's market maker perfect legal system.The fourth part,according to China's new third market maker of the legal system of the above analysis the defects and shortcomings,from a legal perspective and has put forward effective suggestions can be implemented in the tube path through the set up,the specific operation mode of transaction of rights and obligations of the parties and the prison setting,hope to further promote the development of our country the new third market maker of the legal system.