CAJ | 학술논문

由于现代信息技术快速发展等因素,证券市场上传统做市商制度的本质特征趋于异化,即做市商和投资者指令路由、显示和成交的控制权逐步被电子交易系统剥夺,做市义务和权利的不平衡问题凸显,做市商已蜕变为准做市商。我国债券市场应着力完善属准做市商制度的交易商间的做市商体系,短期内,可借鉴纯准做市商制度,完善配套措施,实行注册制,削减做市义务,完善考评机制,适时推行发行人利益补偿的准做市商体系,同时专题研究组建公司化的债券交易组织,确保实现股权安排的准做市商体系。
유우현대신식기술쾌속발전등인소,증권시장상전통주시상제도적본질특정추우이화,즉주시상화투자자지령로유、현시화성교적공제권축보피전자교역계통박탈,주시의무화권리적불평형문제철현,주시상이세변위준주시상。아국채권시장응착력완선속준주시상제도적교역상간적주시상체계,단기내,가차감순준주시상제도,완선배투조시,실행주책제,삭감주시의무,완선고평궤제,괄시추행발행인이익보상적준주시상체계,동시전제연구조건공사화적채권교역조직,학보실현고권안배적준주시상체계。
As of rapid development of modern information technology, the market maker system has alienated from the traditional characteristics, that is, the market makers and investors have been deprived of control of order routing, display and transactions by the electronic trading system. The imbalances of obligations and rights of market maker have been highlighted, and the market makers have been transformed to be quasi-ones. In China＇s bond market, it should be put forth efforts to improve the market maker system for inter-dealers under the quasi market making rules. In the short run, we can introduce registration system, reduce market making obligations, improve evaluation mechanism and implement timely the quasi market maker system for compensating the issuers＇ interests. Apart from these, we can explore corporatization of the bond trading market, which may ensure the setup of the quasi-market maker system.