[Shenzhen Commercial Daily](Reporter Zhong Guobin) On the second anniversary of the opening of the market, the Sci-tech Innovation Board will introduce a market maker system. On July 15, the “Opinions of the Central Committee of the Communist Party of China and the State Council on Supporting the High-Level Reform and Opening up of Pudong New Area to Build a Leading Area for Socialist Modernization” proposed to study the steady implementation of a registration system centered on information disclosure in the entire securities market and introduce it on the Science and Technology Innovation Board Market maker system.
The introduction of the market maker system on the Sci-tech Innovation Board has aroused great attention from the market. What impact does the market maker system have on the market?
Yu Guogang, the first deputy general manager of the Shenzhen Stock Exchange, said that the registration system is a sign of the maturity of the A-share market. The U.S. stock market has implemented the registration system for nearly a century. After the registration system, the Dow Jones Index has risen by nearly a hundred times. He pointed out that the registration system requires companies to disclose any information that affects investment decisions. Under the approval system, all the information that can be disclosed or not is disclosed, which reduces the investment risk of information asymmetry and enhances the transparency of the market. The registration system emphasizes that enterprises should fully disclose information while increasing penalties for market violations. This is conducive to fostering a good market ecology and promoting the long-term and healthy development of the A-share market.
Zheng Lei, chief economist of Baoxin Finance, said that this is conducive to the improvement and supplement of the capital market system. Because sci-tech innovation board companies are often given a “star halo”, market makers can further enhance their trading activity and liquidity.
Chen Gang, a strategic analyst at China Merchants Securities, believes that the requirement for investors on the Science and Technology Innovation Board is that “the assets of individual investors’ securities accounts and capital accounts are not less than 500,000 yuan and they have participated in securities transactions for 24 months.” Some small companies on the Sci-tech Innovation Board have poor liquidity and higher risks. Market makers can maintain the continuity and activity of company transactions, effectively improve market liquidity, and provide funds for high-quality companies. In addition, for companies with poor liquidity and greater risk, price fluctuations are relatively large, and market makers can stabilize market prices and curb unreasonable fluctuations.
The introduction of the market maker system on the Sci-tech Innovation Board is an important reform to optimize the trading mechanism of the Sci-Tech Innovation Board. What kind of qualifications can a brokerage company be able to act as a market maker?
Dongguan Securities Xu Jianfeng believes that becoming a market maker needs to meet the following requirements: First, it needs to have strong financial strength and sufficient securities reserves to meet the normal transaction; secondly, it has sufficient securities inventory management capabilities to be able to withstand inventory securities. The risks brought about; finally, with strong research and analysis capabilities, the quoted price can reflect the actual value of the securities in the market.
Some brokerages believe that the introduction of the market maker system on the Science and Technology Innovation Board, when market makers buy and sell securities back and forth, realize a certain profit through the difference in quotes, which is a huge market opportunity for securities companies with strong capital. Return to Sohu to see more
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