摘要
交易制度作为金融市场微观结构的一个重要组成部分 ,在保持市场的流动性和稳定性 ,以及降低交易成本方面起着重要的作用。本文探讨了交易制度设计的目标 ,然后以全球最大的电子股票场外交易市场NASDAQ为例 ,分析了其交易制度及其特点。在此基础上 ,作者提出了我国在建立二板市场时引入做市商制度的建议。
Trading system is one of the components of market microstructure,it plays a very important role in maintaining the market liquidity and stability,as well as in reducing the transaction costs of the market.This paper first discusses the goals of the design of the trading system;second,it takes the world's biggest electronic OTC markets of NASDAQ as an example,and analyses it's trading system and characteristics.On the basis of above analysis,the authors put forward the suggestion to adopt the market maker system in China's second board market.
出处
《金融研究》
CSSCI
北大核心
2000年第10期78-84,共7页
Journal of Financial Research
