第三章主要考察了美国、英国及德国创业板市场做市商的监管制度。
Chapter III mainly discusses the supervision system of market makers in GEM of us, UK and Germany.
乍一看，这似乎看起来象一个典型的市场，一端是低成本的产品，另一端则是要价很高的做市商。
At first sight, this might seem like a typical market, with low-cost commodity producers at one end and high-charging specialists at the other.
传统做市商收取一定的差价作为做各种市场环境下提供流动性的回报。
Traditional marketmakers earned a spread in return for the requirement to provide liquidity in all market conditions.
伦敦证券交易市场过去是一个封闭的市场，令人垢病的是其过时的分类：进行交易的股票经纪人和负责做市的股票做市商。
The London stock exchange was a closed shop, marked by an antiquated division between brokers who brought the business and jobbers who made markets in shares.
由于对允许做市商退出交易的市场交易制度的依赖，纳斯达克上市的股票流动性衰竭。
Because of its reliance on a "market making" system that allowed market makers to withdraw from trading, liquidity in NASDAQ stocks dried up.
人们倾向于增购和增持，所以二级市场的交易量并没有做市商所预计的那么多。
People tend to buy and hold here, so there isn't as much secondary market trading as perhaps the market makers would like.
就像国际货币基金组织所指出的“几乎所有的ETFs都只有一个或者两个做市商支持，所以在没有流动性的市场中，活跃的成交是难以得到保证的。”
As the IMF points out, "While most ETFs are supported by one or two marketmakers, there is no guarantee of active trading under illiquid conditions."
做市商是可见的只有在必要时，当自然市场力量并不能提供足够的流动性时提供一个积极的影响。
Market Makers are visible only when necessary to provide a positive influence when natural market forces cannot provide sufficient liquidity.
最后根据我国创业板市场引入做市商制度的优势与障碍，笔者就我国创业板市场引入作市商制度提出了几点建议。
Finally on the basis of the transaction systems preponderance and obstruction for adopting market maker system, we provide some proposals for the establishment market maker in GEM.
做市商在多伦多证券交易所(TSX)的作用是增加流动性，同时在价格优先，时间优先的基础上保持订单驱动的连续拍卖市场。
The role of the market Maker on Toronto Stock Exchange (TSX) is to augment liquidity, while maintaining the primacy of an order-driven continuous auction market based on price-time priority.
近年来，国外文献开始基于做市商交易制度的市场微观环境对相关问题进行研究。
Some of the foreign literatures start to study it based on financial market microstructure characterized by market maker trading system.
场外交易市场是由互相联系的证券交易员组成的，这些交易员充当着成千上万只股票和债券的做市商。
The OTC Market is comprised of interconnected dealers who serve as marker makers for thousands of different stocks and bonds.
在多伦多的环境，一个做市商作为被动的角色来管理市场的流动性。
In the TSX environment, a market Maker manages market liquidity through a passive role.
其良好交易制度的最明显特点是在NASDAQ市场上有完善的做市商制度。
NASDAQ gains great success owe to its upstanding exchange system, whose evident character is perfect make-marketing system.
证券市场的两种主要交易机制是竞价方式和做市商制度。
The two principal trading systems in security markets are competing system and market making system.
在证券市场，也指做市商买卖证券之间的差价。
In security markets, it refers to the spread between selling and buying the securities.
然后介绍了做市商制度的三种主要理论假说，包括有效市场假说、合理预期假说和经济人假说。
Then, it continues to explain three major hypotheses involving the system, namely effective market, reasonable expectation and economic man.
做市商制度起源于传统的柜台交易市场。
远期掉期做市商是指在银行间远期、外汇掉期和货币掉期市场做市的银行。
Forward-swap market makers are Banks which provide market-making services in the inter-bank forward, foreign exchange swap and currency swap markets.
经纪人市场通过做市商获得流动性，做市商必须以一定报价，准备买卖一定具体数量的股票。
Dealer markets achieve liquidity through market makers, who must stand ready to buy or sell a specific quantity of stocks at the price they quote.
综合做市商是指在即期、远期、外汇掉期和货币掉期等各外汇市场开展做市的银行。
General market makers are Banks which provide market-making services in the spot, forward, foreign exchange swap, currency swap and other foreign exchange markets.
分析了权证市场面临的重大风险，认为风险的主要来源在于交易制度不合理、做市商形同虚设以及投资者不成熟等，并进一步提出了化解风险的建议。
This paper analyze on the major risks faced by the warrant market, considers that the risks come mainly from the irrational trade system, the nominal market makers, and the immature investors, etc.
做市商制与集中竞价制是证券市场两种基本的价格形成机制。
Market maker system and aggregate auction system are two basic pricing mechanism in securities market.
商业银行在黄金市场中最重要的角色是做市商。
The most important role of commercial Banks in the gold market is market merchant.
文章将把这两方面因素结合起来考虑，把信息不对称引入模型，对做市商市场的证券价格形成机制进行了均衡分析。
The paper combines these factors and introduces information asymmetry into the model to analyze the security price formation mechanism using Game Theory under market maker environment.
我国创业板市场引入做市商制度可以起到提高交易效率、降低市场风险维持价格稳定等作用。
Therefore, to adopt the market-maker system can improve the exchange efficiency, decrease market crisis, and stabilize the price.
然而无论是单一的做市商制度还是竞价制度都不能满足深圳创业板市场未来的潜在需求。
But neither market-making system nor ask-bid system can meet the future potential demand of Shenzhen GEM.
在系统地引入做市商制度条件成熟之后，再扩大做市商的做市范围，实行类似于NASDAQ市场的混合交易制度。
While the introduction of market maker system conditions are ripe, further expand the scope of the market makers do, adopt similar to the NASDAQ market in a hybrid trading system.
在系统地引入做市商制度条件成熟之后，再扩大做市商的做市范围，实行类似于NASDAQ市场的混合交易制度。
While the introduction of market maker system conditions are ripe, further expand the scope of the market makers do, adopt similar to the NASDAQ market in a hybrid trading system.
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