我国证券市场引入做市商制度的思考

Reflection on Introducing Market Making System in China Securities Market

引入做市商制度一直是我国证券市场争论的焦点之一。在回顾相关研究结论和竞价交易市场引入做市商制度的实践后,本文认为,混合交易制度在一定程度上代表了交易制度发展的趋势。在借鉴我国银行间债券市场引入做市商制度的经验后,本文提出了混合模式和平行模式并分析了其利弊。

Dispute has been going on about introducing marketmaking system in China securities market. Based on his in-depthstudy of relevant research results and the experience of otherauction markets, the author believes that a hybrid trading system,to some extent, embodies the development trend of tradingsystem. Given the market making experience in China inter-bankrepo market, the author brings forward the ideas of a hybridmodel and parallel model, with an illustration of their advantagesand disadvantages.