做市商制度最新的演变趋势及启示

发布时间：2018-06-04 04:00

本文选题：债券市场 + 做市商制度　；参考：《证券市场导报》2010年10期

【摘要】：由于现代信息技术快速发展等因素,证券市场上传统做市商制度的本质特征趋于异化,即做市商和投资者指令路由、显示和成交的控制权逐步被电子交易系统剥夺,做市义务和权利的不平衡问题凸显,做市商已蜕变为准做市商。我国债券市场应着力完善属准做市商制度的交易商间的做市商体系,短期内,可借鉴纯准做市商制度,完善配套措施,实行注册制,削减做市义务,完善考评机制,适时推行发行人利益补偿的准做市商体系,同时专题研究组建公司化的债券交易组织,确保实现股权安排的准做市商体系。
[Abstract]:Due to the rapid development of modern information technology and other factors, the essential characteristics of the traditional market maker system in the securities market tend to be alienated, that is, the market makers and investors direct the routing, the control rights of display and transaction are gradually deprived by the electronic trading system. Market-making obligations and rights of imbalance issues highlighted, market-makers have changed as market makers. The bond market of our country should make great efforts to perfect the market maker system among dealers that belong to the system of prospective market makers. In the short term, we can learn from the system of pure prospective market makers, perfect the supporting measures, implement the registration system, reduce the market making obligations, and perfect the examination and evaluation mechanism. Timely implementation of the issuer interest compensation of the quasi-market maker system, at the same time a special study of the establishment of corporate bond trading organizations to ensure the realization of equity arrangements of quasi-market makers system.
【作者单位】：上海证券交易所;南开大学经济学院;华宝信托有限责任公司;
【分类号】：F832.51

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