建立做市商制度 提高货币市场监管和调控效率

TO ESTABLISH MARKET MAKER SYSTEM FOR IMPROVING EFFICIENCY OF MONEY MARKET SUPERVISION

由于历史的原因,目前我国银行间债券市场仍面临一些亟待解决的问题,主要体现在:市场缺乏流动性。银行间债券市场与交易所场内市场并立割裂等方面。因此,目前有必要以做市商制度的推行为突破口,来强化银行间债券市场的交易便利性、活跃市场,提高市场流动性。本文从保证银行间债券市场的流动性、提高市场的效率和货币市场的监管三方面讨论了做市商制度的必要性,并介绍了做市商制度的总体运作机制。在此基础上,探讨了如何通过加强对做市商的监督来更好地监管银行间债券市场,以及做市商的相应权利与义务和资格审定问题。最后分别从结算制度和金融当局政策支持等角度分析了我国建立做市商制度的途径。

There are several problems in China' s interbank bond market .There is not enongh liquidity.The interbank bond market and stock exchange are all independent of each other. So we should establish a market maker system to increase the facility of exchange and the Solidity of the market.This article discusses the necessity of establishing market maker system on liquidity,efficiency and market supervision.The operation mechanism of market maker system in also introduced here.This paper also discusses how to establish market maker system and how to control the market maker.