股票做市交易发展及法律规制要点研究

Study on Developments of Market-Making in Stock Markets and Key Points about its Legal Regulation

在“指令+报价”混合驱动的交易中,做市商承担报价义务但不具有订单撮合者身份,股票做市交易呈现“去委托”进程。本文基于既有文献与市场实践,分析了国际市场中高频量化做市、期现联动做市、多空综合做市等的发展趋势与监管立场。本文建议,境内市场保持技术中立并筑牢监测风控防线,明确发行人、做市商、交易对手方之间以及不同做市商之间的基础法律关系,确立特殊做市商的身份披露义务,厘清价格合谋等不端行为的边界,以期在中国股票市场建立激励与约束相兼容的做市规制路径。

Market makers assume the obligations to bid and ask but do not match dealings in stock markets driven by both orders and quotations.As a result,for market making in stock markets,the process of“de-commission”is underway.Based on existing literature and market practice,this paper analyses the development trends and regulatory stances of high-frequency quantitative market-making,spot/futures coupled market-making,and long-short integrated market-making in international markets.In this regard,this paper suggests that the domestic market shall clarify the following points including but not limited to(1)maintaining neutrality in the technology aspect,and building a concrete system of monitoring and control,(2)making clear the underlying legal relationships among issuers,market makers and investors respectively,(3)establishing the identity disclosure obligations of special market makers,(4)defining the boundaries of misconduct such as price collusion,in order to pave a regulatory path that is compatible with incentives and constraints for market making in the Chinese stock market.