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做市商交易模式已经成为我国证券市场中一种重要的交易方式,发挥了为市场提供流动性的职能作用。目前,做市商及其做市交易行为主要由自律监管组织实施自律监管,自律监管组织制定关于做市业务规范、违规行为的规制以及做市业务质量评价等方面的规则,构建了做市商及其做市交易行为的基本制度体系。证券法是做市商及其做市交易行为规制的根本法律依据,证券法所确立的基本原则以及关于证券发行、证券交易、证券交易场所、证券公司等方面的规定都包含着对做市商进行法律规制的内容。不过,《中华人民共和国证券法》目前是以证券交易所内的交易行为为主要规范对象,所规范的交易行为主要是竞价交易行为,证券法上的反欺诈规则、禁止操纵市场行为的法律规范和证券监管制度都与做市商法律规制密切相关。从长远来看,我国需要以证券法的修改为基础逐步建立完善的做市商法律制度。
Market-maker trading has become an important trading method in China’s securities market and has played a functional role in providing liquidity to the market. At present, market makers and their market making transactions are mainly regulated by self-regulatory organizations that exercise self-regulation and self-regulatory organizations formulate rules on market business practices, regulations on irregularities and quality of market making businesses, and build market makers And its market trading behavior of the basic system of systems. The securities law is the fundamental legal basis for the market maker and its market trading regulation. The basic principles established by the securities law as well as the regulations on securities issuance, securities trading, securities trading places and securities companies all contain provisions for market makers The contents of the legal regulation. However, the “Securities Law of the People’s Republic of China” is currently based on the trading behavior in the stock exchange as the main normative object. The normative transactions are mainly the conduct of auction transactions, the anti-fraud rules of the securities law and the legal norms that prohibit the manipulation of the market And the securities regulatory system are closely related to market maker legal regulation. In the long run, our country needs to gradually establish and improve the legal system of market maker based on the revision of securities law.