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做市商制度做市商制度起源于20世纪60年代的美国柜台交易制度。当时的美国柜台交易市场由批发商、零售商和兼营批发零售业务的综合类证券公司组成,零售商一方面从普通投资者手中买卖证券,一方面从批发商手中交易相同的证券,从而获取价差收入。为满足零售商随时交易证券的需要,批发商对证券连续报价,并对接受报价的零售商的买卖申报有履行合同义务,成为事实上的“做市商”。为规范柜台交易制度,美国证监会1963年建议在纳斯达克市场采用计算机远程通讯技术以提高柜台交易市场报价信息的及时性和准确性。1971年2月,全美证券协会自动报价系统(NASDAQ
Market maker system The market maker system originated in the US counter trading system in the 1960s. At the time, the U.S. counter market consisted of wholesalers, retailers, and general securities firms that also ran wholesale and retail businesses. On the one hand, retailers bought and sold securities from ordinary investors and, on the other, traded the same securities from the wholesalers to acquire Spread income. In order to meet the needs of retailers trading securities at any time, wholesalers offer continuous quotations on securities, and fulfill the contractual obligations on the sale and purchase declaration of the retailers that accept the quotations, becoming the de facto “market maker ”. In order to regulate the system of over-the-counter transactions, the Securities and Futures Commission in 1963 recommended the use of computer remote communication technology in the NASDAQ market to enhance the timeliness and accuracy of quotation information on the counter market. February 1971, National Association of Securities Automated Quotations (NASDAQ