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在任何一个证券市场中,交易制度都是价格形成与发现的根本性机制,至今为止,各国证券市场中的交易制度总体上可分为竞价交易机制、做市商制度和混合交易机制三种制度安排。也就是说,做市商制度是资本市场中交易制度的重要组成部分之一,从而也是证券市场微观结构理论所关注的焦点问题之一。做市商(market maker)制度起源于上世纪60年代美国证券柜台交易市场。随
In any securities market, the transaction system is the fundamental mechanism of price formation and discovery. So far, the transaction systems in the securities markets in various countries can be generally divided into three systems: the auction trading mechanism, the market maker system and the hybrid trading mechanism arrangement. In other words, the market maker system is one of the important parts of the trading system in the capital market, which is also one of the focus issues of the microstructure theory of the securities market. The market maker system originated in the US securities counter market in the 1960s. With