發(fā)布時間：2018-03-20 07:22

  本文選題：黃金市場　切入點：做市商制度　出處：《云南大學》2013年碩士論文　論文類型：學位論文

【摘要】：做市商制度是與傳統(tǒng)的競價交易不同的一種交易制度,做市商是指場外交易市場中,向公眾不斷報出雙向報價并接受投資者買賣要求的機構,他們能夠為市場提供足夠的流動性,保證價格的穩(wěn)定性,實現(xiàn)價格發(fā)現(xiàn)的功能。 相比世界黃金市場,我國的黃金交易市場起步晚,發(fā)展還不完善,缺乏大量的黃金做市商來為投資者提供黃金交易的流動性。為了推進我國黃金市場的發(fā)展,我們必須充分學習和借鑒國際黃金市場成熟的市場經(jīng)驗,發(fā)展自己的黃金做市商交易模式,在不遠的將來,中國才能在國際黃金市場上擁有一定的話語權。 首先,本文對做市商制度進行了概述,對比分析了做市商制度與競價制度的異同,探討了做市商制度的起源-NASDAQ證券市場,同時借鑒我國金融市場早期對做市商制度的嘗試經(jīng)驗,指出引入做市商制度已有本土實踐的基礎。其次,本文從黃金市場定價機制入手,一方面指出我國黃金市場還存在的諸多問題,另一方面通過上海黃金交易所黃金結算價和倫敦金結算價的相關性和滯后性分析,說明了我國的黃金價格隨著國際金價的變動而變動,在國際黃金市場上沒有黃金定價權,因此引入做市商制度對我國爭奪黃金定價權具有重要意義。最后,從實踐角度出發(fā),提出我國黃金市場引入做市商制度的實現(xiàn)途徑,建議應從完善黃金市場相關法律法規(guī)和建立做市商監(jiān)管體系兩方面著手,同時做市商的監(jiān)管應采取“以自律管理為基礎,交易所監(jiān)管為指導,政府具有最終法定監(jiān)管權”的監(jiān)管模式。此外,還應加強對監(jiān)管者的監(jiān)管,保證監(jiān)管體制的公平、合法與效率。
[Abstract]:The market-maker system is a trading system different from the traditional bidding system. A market maker is an institution in an over-the-counter market that continuously reports two-way quotations to the public and accepts investors' demands for buying and selling. They can provide sufficient liquidity for the market, ensure price stability, and achieve price discovery. Compared with the world gold market, the gold trading market in our country started late, and its development is not yet perfect. It lacks a large number of gold market makers to provide gold trading liquidity for investors. In order to promote the development of the gold market in China, We must learn and learn from the mature market experience of international gold market, develop our own gold market maker trading mode, in the near future, China can have a certain right of speech in the international gold market. First of all, this paper summarizes the market maker system, compares and analyzes the similarities and differences between the market maker system and the bidding system, and probes into the origin of the market maker system-NASDAQ securities market. At the same time, we draw lessons from the early experience of market maker system in China's financial market, and point out that the market maker system has already been introduced on the basis of local practice. Secondly, this paper starts with the pricing mechanism of gold market. On the one hand, it points out that there are still many problems in China's gold market, on the other hand, through the correlation and lag analysis of gold settlement price and London gold settlement price in Shanghai Gold Exchange, It shows that the gold price of our country changes with the change of the international gold price, and there is no gold pricing power in the international gold market. Therefore, it is of great significance to introduce the market maker system for our country to compete for the gold pricing power. Finally, from the point of view of practice, it is of great significance to introduce the market maker system. This paper puts forward the ways to realize the introduction of market maker system in China's gold market, and suggests that we should start from two aspects: perfecting the relevant laws and regulations of gold market and establishing the supervision system of market makers. At the same time, the supervision of market makers should be based on self-discipline management. Under the guidance of the supervision of the exchange, the government has the final legal supervision power ". In addition, we should strengthen the supervision of the regulators to ensure the fairness, legality and efficiency of the regulatory system."
【學位授予單位】：云南大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F832.54

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本文編號：1638052