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Research On Legal Problem Of Market Maker Rule In The New Third Board Stock

Posted on:2018-02-13Degree:MasterType:Thesis
Country:ChinaCandidate:H Y ZhouFull Text:PDF
GTID:2346330542969514Subject:Science of Law
Abstract/Summary:PDF Full Text Request
China's new three-board market has grown rapidly since 2015.According to the national sector company website,As to December 19,2016,the new third board listed company had reached to 10 thousand,among of them,the use of the means of contract transfer listed companies for 8354,market-making company for 1646.Since August 25,2014,the new three board market officially launched the transfer market,the whole trading activity improved significantly,the overall volume is on the rise,it also had a positive effect on the new three board market.Market maker system as an exotic,first apply to the inter-bank bond market in our country,in order to solve the problem of high stock market and the lack of liquidity.Therefore,in the vigorous development of otc market in China at present,the management also to how to enhance the vitality of the market system.To clarify the basic concept of the market maker system and theory,and application in China in the new three board market,the market maker system theory and the market,and further illustrates the basic content of market maker system.Abroad take experience as a trading system prove market-makers is beneficial to the virtuous cycle development of capital market.The new third board market in China at present the market maker system appeared some problems,market maker system not only in legal basis is insufficient,at the same time the new three board market maker system of legal supervision system is very weak,on the specific business and regulatory rules still exist many blank,makes the market-making system in the process of the implementation.At the same time,any system can't be without defects,market-makers due to fulfill their obligation to do,gi-ven the corresponding power,in the absence of good regulation system,natural profit-driven capital markets could make the market makers use their own markets and capital advantages to destroy the market order.In order to further improve the system of market makers in the new three board market,need to be on the basis of our existing rules system is modified accordingly,in the "securities law"clearly marketmakers position,make the connection between the two.At the same time,the unified supervision system,make the combination of securities regulation and self-regulation.And the market transaction pattern,market-makers subject qualification,barriers to entry and the rights and obligations of balance mechanism,puts forward some Suggestions.
Keywords/Search Tags:NEEQ, National Equities Exchange and Quotations Market, The New Third Board Market, Market maker Rule, Securities tradeing system
PDF Full Text Request
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