| Since market makers be introduced in the three board in China August 2014,the stock turnover increased several times in a few months.Because of the special market position,market maker can balance the interests of issuers between market makers and public investors by information.Information is a social resources that can bring economic benefits.Information asymmetry be mainly reflected in the two groups of market players: securities issuers and market makers,market makers and public investors in the three board.Information asymmetry will cause inter subjectivity uneven distribution of interests between the bodies,listed companies have good reputation and strong ability will be squeezed out of the new market.The market will lost the trust of investors and the new third board market is hard to continue to play the function of financing.U.S.OTCBB market is the most active market in world and there is most developed market maker.OTCBB market supervises the entire securities market by forcing market makers disclosure information,this regulation is the basic principle of the market maker information disclosure system design.The United States market maker information disclosure mechanism is to market the concept of balance of interests as a means to protect the system design target for investors,automatic regulation,information disclosure and supervision mechanism and relief special electronic information disclosure.Compared with the U.S.OTC market,China's three board is developing at the beginning phase,the market maker system is also in the initial stage of continuous exploration.Especially there are many loopholes in the system of information disclosure,lack of legislation,the disclosure concept is not reasonable,the disclosure content is unknown in many aspects such as the limits of the market makers do function and market liquidity,which restricts the new market development.Therefore,to improve the market maker information disclosure system to promote the market maker to play the market making function is the priority to improve the market maker system.This article takes the market maker information disclosure system as the research starting point,and analyzes the existing problems in the rules and practices of the information disclosure system.With the comparative research method,research on the regulation of market makers in the U.S.OTCBB market information disclosure requirements,combined with China's market maker information disclosure problems,starting from the legal concept and legal system,puts forward some suggestions to perfect the market maker information disclosure.The main contents are as follows:(1)based on the current development of China's market maker,reference OTCBB market information disclosure of investor protection concept,combined with the current Chinese makers to promote the goal of development,limited for the protection of the investors;(2)using the theory of Economics-marginal effect theory to find the optimal level of information disclosure of market maker;(3)to establish a network of channels of information disclosure of the market maker information into the Shenzhen stock exchange real-time quotes system;(4)the establishment of administrative and civil litigation with criminal,as the core of the market maker information disclosure violations relief,“the reputation of sanctions” and the civil procedure to provide a good legal environment for new means board maker information disclosure system. |
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