境外柜台交易市场分析及对我国的启示

Analysis of OTC Market Abroad and its Enlightenment

柜台交易市场是整个资本市场体系的最基础部分。美国、日本和我国台湾地区柜台交易市场各具特点。建立我国自己的柜台交易市场需要根据本国市场的实际情况,采取降低门槛加保荐人的市场准入制度,并对其进行严格的监管,采用分散式柜台交易和现代化的电子报价及做市商制度相结合的模式等。

OTC market is the most essential part in the whole system of capital market. The features of OTC market are different respectively in the United States, Japan and Taiwan, China. The reality of China＇s domestic market should be considered for the establishment of China＇s own OTC market. The system of its market access should be set with lower entrance barriers and primary sponsor, the latter being put under strict supervision and control. In terms of model, the disperse OTC market can be combined with modem electronic automated quotation and market maker system.