更多>>
课题组动态
更多>>
皮书作者
您现在所在的位置：首页
本文分析了场外交易市场传统做市商制度的发展脉络，探讨了传统做市商制度转变为混合型做市商制度的两种模式：一种是传统做市商制度引入竞价制度；另一种是在竞价制度基础上引入做市商制度。认为前者演变的节点有两个：一是消除做市商对报价权的垄断，降低投资者的交易成本；二是电子交易报价系统的推动。后者演变的直接动力是增强市场流动性，活跃场外市场交易。在此基础上提出了对我国的启示：其一，我国场外交易市场应尽快引进做市商制度；其二，竞争机制的引进对混合交易制度的形成起着至关重要的作用。
<<This paper analyzes the development process of traditional market making system in the OTC market including two models.One is the traditional market making system with auction trading rules mixed partly，and the other is Auction Trading System which is based on the traditional market making system.there are two evolution nodes in the former：Firstly，eliminating market makers’ monopoly，and reducing the costs of transactions；Secondly，the impetus of electronic trading system.Enhancing the liquidity and the active of the OTC market is the direct impetus of the latter.Based on these，suggestions are put forward：first，market making system should be introduced into OTC market as soon as possible in China；Second，competition mechanism plays an important role in the mixed trading system.
<<
