从我国目前债券市场的发展规模和做市业务的发展情况来看,债券做市业务仍存在较大完善空间衡量金融市场的微观质量主要有五个标准:流动性、透明度、稳定性、交易成本、有效性,其中流动性是核心。交易机制是决定金融市场微观质量的基本因素,做市商制是一种重要的交易机制,做市商的行为对市场运行质量的五个方面都会产生直接影响。在发 Judging from the current development scale of the bond market and the development of market making business in our country, there are still five major standards for the bond market making: the liquidity, transparency, stability, transaction cost Validity, of which liquidity is the core. Trading mechanism is the basic factor that determines the micro-quality of the financial market. Market-making is an important trading mechanism. The behavior of market-maker has a direct impact on the five aspects of market operation quality. In the hair