文档介绍：中文摘要中文摘要做市商制度是证券制度创新的产物已有近四十年历史在美国纳斯达克股票交易市场取得巨大成功后为各国所效仿鉴于做市商制度对证券交易市场所能发挥的独特功能笔者认为我国有必要引入该制度并认为应从长远的眼光和完善制度功能的角度来引进本文主要是对做市商监管的研究文中结合了多种研究方法其中运用较多的是演绎法和比较分析法力求通过对基本理论的梳理和对具体问题的对比分析从多个角度揭示做市商制度的本质特征监管原理监管要点和监管方法文章的第一部分阐述证券监管的基本原理并结合做市商制度的特点详细论述了做市商制度的监管必要性及监管传统总结出做市商制度监管的目标和体系做市商因其自身经营所面临的不稳定性和做市中可能产生的违法行为给市场带来了巨大风险故有监管之必要第二章是对做市商准入制度的专门论述做市商准入制度属于特殊的市场主体准入应当采用严格的审批主义但在制定其准入标准时应该采用竞争性做市商理论并兼顾我国潜在做市商现状视市场情况谨慎为之并且应当建立规范的市场退出机制第三章是对做市商交易制度监管的讨论笔者无意于具体交易流程安排的探讨而是集中研究做市商在法律上的权利义务关系积极做市和稳定证券市场是做市商的基本义务除此之外还必须遵守其他相关市场规则做市商做市应给予足够的权利保障必要时还须豁免其部分责任第四章针对做市商监管中最容易出现的问题信息披露问题进行分析做市商市场的透明度并非越大越好信息披露应主要集中于成交报告和大宗交易延迟披露制度的完善同时还要采取各种手段严格控制做市商操纵市场行为关键词做市商证券监管市场准入信息披露英文摘要 Abstract The market maker rule is an e of the innovation of Securities System with a history of nearly forty years, which makes a huge ess in the market of NASDAQ Stock Exchanges and imitated by many countries. In view of the special function for the rule of securities exchanges, the author proposes to introduce this rule from the aspects of long-term interest and the fulfillment of systematical function. This paper is intended to research the supervision of market maker. This paper has the style of the cross-discipline and bination of multi- research methods in order to reveal the essence of market maker rule, key points and approaches of supervision from various aspects. The entire paper consists of four chapters: The chapter one describes the basic principle of securities monitoring. Combining the feature of marker maker rule, it specifies the essential and tradition of supervision and summaries the goal and rule of supervision in terms of market maker rule. This chapter is general outline for the entire chapters, and the latter chapters are to make a deep analysis of several key issues in terms of market maker rule supervision. The chapter two specifies the admittance rule for market maker. Besides the description of basic principle of market admittance supervision, the author introduces petitive rule of market