Research On The Market Maker System Of NEEQ

China's NEEQ market is an innovative stock market,which was officially introduced on August 25,2014.It has a history of more than 40 years in the developed stock market,and its role has gained widely acceptance in the international financial market.Market maker system relys on the open,orderly,timely,and competitive driving mechanism of price.Market makers provide two-way quotation.According to the quotation,investors choose whether clinch the transation with marketmakers or not.This guarantees the specification and effciency of securities market and Marketmakers,with their own capital and securities,guarantee the trade of investors will be carried out smoothly,and guarantee the market liquidity.Based on the investigation of China's NEEQ market maker system and its background and significance,and refering to a large number of papers market-maker system,the main contents are as follows:(1)This paper studied the theories of market maker system,including its definition,classification,characteristics,function and market makers' qualifications,operational mechanism,etc.(2)This paper studied the new three boards market during from August 25 in 2014 May 31 in 2017.The new three boards market has introduced market maker system for almost three years until now.This paper studied the implementation of the effect,problems,and in need of improvement.Market-maker system investigated the latest data of the market in the last three years,and summarized the new three boards market maker system has not been able to play the expectation effect in the new three boards market,still facing the liquidity shortage,the valuation distortion,market instability,frequent violations chaos and so on.(3)This paper,by means of studying cases and combining with chart,will analyze the external environment,market makers,market making enterprises and investors(shareholders)and regulators(and expand the eleven dimensions)of China's new three boards market maker system's implementation effect.Proposing China's new three board market introduces market-making system implementation effect triangular pyramid model of influential factors,and through the analysis among the cases drawing out four theoretical propositions.(4)This paper presents the suggestions and countermeasures on the basis of Multiple-case study.Eventually,the paper proposed some advices from the increasing liquidity of market,inhibition of stock,volatility of marketmakers and listed companies to prevent violations of the implementation of the new three boards market in China and the prospects of marketmakers trade mechanism is also discussed.