逐鹿场外市场

OTC MARKET:UNIFIED OR FRAGMENTED?

初春的北京，天气渐暖，绿意盎然，到处散发着勃勃生机。久经酝酿的全国统一监管的场外交易市场也破土萌芽，基本框架已现端倪。

The China Securities Regulatory Commission(CSRC) might set up a nationwide over-thecounter(OTC) market with a unified regulatory framework and standards.China currently has many share-holding companies, but only a few are publicly listed. The CSRC plans to build up the OTC market to meet the demandfor capital from China’s private companies.However, as OTC markets have been established in several cities, such as Tianjin, Shanghai and Chongqing, there is keen competition between regional OTC markets. It is not easy to build a national OTC market under unified regulation and many problems remain unresolved.