The Perfection Of Market-maker System Of The New Third Board Of China

In August 2014,the New Third Board market adopts the market-maker system,and this trade system increased the liquidity of the market in some level.Base on other mature markets overboard,they are either using simplex market-maker system or mixture market-maker system.In NASDAQ of the United States and JASDAQ of Japan based,they both use the mixture market-maker system and also use price fluctuation to help on increasing the quality and operational efficiency of stock market while preventing monopoly of different market-makers.The simplex market-maker system,take Taiwan for example,scrutiny of trade market is heavier and has a better risk control.Base on the depth profile analysis of the capital market of our country,the mixture market-maker system is more adapt to our developing demand.But now our New Third Board market has some problems including the showed during the process of companies apply to public exchange market,lake of legal support,low motivation of market-maker?poor effect of self-supervision etc.So at this stage,our New Third Market needs to remove obstacles among legal system,carding operational mechanism,open more qualifications of market-maker to raise the competence,improve basic system of investor protection,and increase the attraction of New Third Market to social capital,to create a trading environment on public,equal and fair,and further improve the health of our multi-level securities market benign development.