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New SanBan will introduce market maker system: promoting market flow

In the industry insiders view, the introduction of market maker system will be good for the new SanBan trading liquidity and pricing, and in expanding brokers business at the same time, also put forward the new business of securities dealers challenge.

In fact, whether in new SanBan market market maker system introduced is that the market had been the focus of the debate. On one hand, from the point of view of the nasdaq experience for reference, and launched market maker system is quite high voice; But also with a view from the point of view of the lower transaction costs, it doesn't need to introducing market maker system.

Shanghai a large brokers in the Marketing Department to reporters outside the general manager, and exchange market, compared to the new SanBan liquidity in the market will have bigger difference, not like exchange market implementation call auction, but used one-to-one bring together trade, the trade is under way, the introduction of market maker system can to a certain extent increase market activity.

"The buyer and the seller does not directly contact, but through the market maker to bring together the price. Do the company to offer to the buyer on one hand; on the other hand also to the seller a price. But in order to not short selling, bought market maker is actually need to hold a certain number of stock."

The innovation and development of securities companies in the conference also get the confirm. YaoGang said: "market maker can hold certain shares, so as to offer bilateral smoothly."

As a kind of securities trading system, market maker system originated in the U.S. the nasdaq market. And from nasdaq market situation, market maker system was very successful. On the nasdaq stock market, Goldman sachs, merrill lynch, Morgan Stanley is very famous market maker.

But the system into China's new SanBan market, already on domestic brokers is a challenge. Compared with the international investment Banks for the overall business, the business of domestic brokerages relatively single. The traditional brokerage business and underwriting business besides, do the company in business for brokers relatively new, this also gives brokers business innovation provides space. Earnings from view, do the company to provide the buyer and the seller will be the difference between the market maker's profit source.

In wuhan university of science and technology, director of financial securities DongDengXin view, the introduction of market maker system in addition to increase liquidity besides, still can to a certain extent compensates for serious information asymmetry of bring business risk.

In the Chinese market of the bond between the bank had a market maker system, the bank is the main force of the market. Relative to bonds, money in the bank for the accurate quotation, brokers in the over-the-counter market for securities offer and not too much experience.

"Relative to the simple providing liquidity given a reasonable for the offer is more important." DongDengXin said, "the new SanBan market often are some high-tech enterprise, the pricing for these companies need to do the company has a strong pricing power, this is also the brokers put forward the considerable challenge."


 

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