做市商民事法律制度分析

Analysis of the Civil Laws on the Market Maker

在建立多层次资本市场的过程中,做市商制度的引入无疑是必要的。而民事责任作为对投资者保护的最终环节,其完善对整个做市商法律制度的建立有着至关重要的作用。做市商的民事权利与义务主要包括双边报价、融资融券与信用交易。这些与传统民法中的要约、承诺和消费借贷都既有联系又有区别。做市商是一种特殊的券商,因此其民事责任制度也需要在现行证券民事责任的基础上进行融合与扩充。

In the process of establishing a multi - level capital market, it is of great essence to introduce the ＂market maker＂ system to our economy. And as a final protection mechanism for investors, the civil liability of market makers must be justified and established. Civil rights and obligations of market makers include bilateral quotation, margin purchase and short sale, and credit transaction, which connect with yet differ from offer, acceptance and consumer credit in the traditional civil law. Market makers are special securities traders whose civil liability needs to be integrated into and extended based on the present Securities Laws on civil liabilities.