做市商:债券交易制度的选择与发展

Market-maker:Option and development of bond trading system

做市商制度自从在银行间债市确立以来,在提高市场流动性方面发挥了重要作用,但受市场基础及市场发展阶段等因素的局限,未能发挥更大的功效。该文在回顾了做市商制度发展历程的基础上,对现行制度的实践表现略作评价,并从政策定位、制度设计及技术处理等层面对完善做市商制度提出了建议。

Since its launch on the interbank bond market,the market-making system has played a significant role in improving market liquidity;however,it fails to make greater contributions because of market foundation restrictions and the current developing stage.Based on a review of the development of the market-making system,this paper assesses the practices of the existing system,and suggests approaches for perfecting the market-making system in the layers of policy orientation,system design and technical treatment.