关于我国黄金市场引入做市商制度研究

发布时间：2018-03-20 07:22

本文选题：黄金市场　切入点：做市商制度　出处：《云南大学》2013年硕士论文　论文类型：学位论文

【摘要】：做市商制度是与传统的竞价交易不同的一种交易制度,做市商是指场外交易市场中,向公众不断报出双向报价并接受投资者买卖要求的机构,他们能够为市场提供足够的流动性,保证价格的稳定性,实现价格发现的功能。相比世界黄金市场,我国的黄金交易市场起步晚,发展还不完善,缺乏大量的黄金做市商来为投资者提供黄金交易的流动性。为了推进我国黄金市场的发展,我们必须充分学习和借鉴国际黄金市场成熟的市场经验,发展自己的黄金做市商交易模式,在不远的将来,中国才能在国际黄金市场上拥有一定的话语权。首先,本文对做市商制度进行了概述,对比分析了做市商制度与竞价制度的异同,探讨了做市商制度的起源-NASDAQ证券市场,同时借鉴我国金融市场早期对做市商制度的尝试经验,指出引入做市商制度已有本土实践的基础。其次,本文从黄金市场定价机制入手,一方面指出我国黄金市场还存在的诸多问题,另一方面通过上海黄金交易所黄金结算价和伦敦金结算价的相关性和滞后性分析,说明了我国的黄金价格随着国际金价的变动而变动,在国际黄金市场上没有黄金定价权,因此引入做市商制度对我国争夺黄金定价权具有重要意义。最后,从实践角度出发,提出我国黄金市场引入做市商制度的实现途径,建议应从完善黄金市场相关法律法规和建立做市商监管体系两方面着手,同时做市商的监管应采取“以自律管理为基础,交易所监管为指导,政府具有最终法定监管权”的监管模式。此外,还应加强对监管者的监管,保证监管体制的公平、合法与效率。
[Abstract]:The market-maker system is a trading system different from the traditional bidding system. A market maker is an institution in an over-the-counter market that continuously reports two-way quotations to the public and accepts investors' demands for buying and selling. They can provide sufficient liquidity for the market, ensure price stability, and achieve price discovery. Compared with the world gold market, the gold trading market in our country started late, and its development is not yet perfect. It lacks a large number of gold market makers to provide gold trading liquidity for investors. In order to promote the development of the gold market in China, We must learn and learn from the mature market experience of international gold market, develop our own gold market maker trading mode, in the near future, China can have a certain right of speech in the international gold market. First of all, this paper summarizes the market maker system, compares and analyzes the similarities and differences between the market maker system and the bidding system, and probes into the origin of the market maker system-NASDAQ securities market. At the same time, we draw lessons from the early experience of market maker system in China's financial market, and point out that the market maker system has already been introduced on the basis of local practice. Secondly, this paper starts with the pricing mechanism of gold market. On the one hand, it points out that there are still many problems in China's gold market, on the other hand, through the correlation and lag analysis of gold settlement price and London gold settlement price in Shanghai Gold Exchange, It shows that the gold price of our country changes with the change of the international gold price, and there is no gold pricing power in the international gold market. Therefore, it is of great significance to introduce the market maker system for our country to compete for the gold pricing power. Finally, from the point of view of practice, it is of great significance to introduce the market maker system. This paper puts forward the ways to realize the introduction of market maker system in China's gold market, and suggests that we should start from two aspects: perfecting the relevant laws and regulations of gold market and establishing the supervision system of market makers. At the same time, the supervision of market makers should be based on self-discipline management. Under the guidance of the supervision of the exchange, the government has the final legal supervision power ". In addition, we should strengthen the supervision of the regulators to ensure the fairness, legality and efficiency of the regulatory system."
【学位授予单位】：云南大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.54

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