摘要
本文比较了国外场外市场交易制度的共性和差异,分析了中国场外市场的交易制度模式、市场环境及监管措施。研究表明:传统做市商制度与低层次的场外市场具有很强的适配性,交易制度的变革有明显的"路径依赖"特征;做市商制度的实施需要较成熟的市场基础环境和恰当的政策法律监管措施。目前,中国的场外市场还处于萌芽期,应吸收和借鉴国外经验,采用多元的竞争性做市商交易定价制度。
The purpose of this paper is to compare the similarities and differences between multiple overseas OTC trading systems and to discuss the Chinese OTC market trading system, market environment and regulatory measurements. Research shows that： the low level OTC market has strong adaptation to the traditional market maker system. Trading system shows an obvious＂path dependence＂characteristics during the whole reform. The implementation of the market maker system needs a more mature market environment, in addition with the appropriate policies and legal regulatory measures. And the initial Chinese OTC market should adopt the multiple competitive market maker system in pricing the trading system.
出处
《南方金融》
北大核心
2014年第11期69-74,共6页
South China Finance
基金
广东省人文社科重点研究基地暨南大学金融研究所项目<横琴新区建立跨境产权交易中心可行性研究>(项目编号:2012002)的资助
