多边交易设施对欧盟证券交易的影响研究

发布时间：2018-02-12 15:47

本文关键词： 多边交易设施欧盟证券交易影响改革　出处：《东北财经大学》2012年硕士论文　论文类型：学位论文

【摘要】：2007年11月1日生效的欧盟《金融市场工具指令》(MiFID),作为提高竞争的一种方式,引入了一种新的交易场所形式——多边交易机构(MTF)。经过近5年的发展,欧盟的多边交易机构正从多个方面改变泛欧证券的交易。研究多边交易设施对欧盟证券交易的影响以及对中国证券交易所的借鉴具有十分重要的理论意义与现实意义。本文系统梳理了欧盟多边交易设施的相关理论,并通过对MTFs整体分析和对比分析,以及与市场质量、高频交易、暗池交易的关系,对其发展的状况进行系统总结,认为欧盟引入多边交易设施总体上改善了证券市场的交易情况,尤其对于以FTSE100为代表的大市值股票的流动性有明显的提高,但是与Storkenmaier, Riordan和Wagener(2011)的研究结论不同的是,MTF不同股票存在着比传统交易所更大的流动性差异,对于原本流动性缺乏的小市值股票,MTFs事实上的作用很小。最后对中国未来的交易所改革提出了借鉴与解决对策,认为中国的证券交易所目前亟需通过改革以应对全球范围的竞争和挑战,应引入新型交易平台,建立证券交易领域的多样化竞争体系,这将有利于中国证券交易所的完善与发展。本文共分四个部分：第一部分是选题的背景意义,国内外文献综述,论文的结构安排及创新。第二部分主要介绍多边交易设施在欧盟的发展状况,其主要的优势,三家有代表性的MTFs,还有与美国另类交易系统的比较。第三部分侧重于分析MTFs以及所造成的市场分割对市场质量的影响,主要是对流动性的提高促进和它的局限性。第四部分结合中国实际情况,探讨了国内证券交易所当前存在的问题,希望通过对欧盟证券改革的总结分析提出对中国的借鉴意义与对策。
[Abstract]:On November 1 , 2007 , the European Union Financial Market Tool Directive ( MiFID ) , which is a way to increase competition , introduces a new form of trade space form _ Multilateral Trade Organization ( MTF ) . After nearly five years of development , the EU ' s multilateral trading institution is changing the transaction of pan - European securities from various aspects . It is of great theoretical and practical significance to study the influence of multilateral trading facilities on the securities trading of the European Union and to draw lessons from China ' s stock exchanges . This paper systematically summarizes the relevant theories of EU ' s multilateral trading facilities , and summarizes the status of the development of China ' s stock exchange by analyzing and analyzing the overall analysis and comparative analysis of MTFs , as well as the relationship between market quality , high frequency trade and dark pool transaction . This article is divided into four parts : The first part is the background of the selection , the literature review at home and abroad , the structure arrangement and innovation of the thesis . The second part mainly introduces the development status of multilateral trading facilities in the European Union , its main advantages , three representative MTFs , and the comparison with American alternative trading system . The third part focuses on the analysis of the effect of MTFs and the market segmentation on the market quality , which is mainly the promotion of liquidity and its limitation . The fourth part discusses the current problems in the domestic stock exchange based on the actual situation of China , and hopes to put forward the reference significance and countermeasures to China through the analysis of EU securities reform .

【学位授予单位】：东北财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F835

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