第四，有助于做市商做市能力的提高。
做市商制度起源于传统的柜台交易市场。
传播维护-衡量做市商的双面市场能力。
Spread Maintenance - Measures the market Maker's ability to call a 2-sided market.
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.
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.
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.
那时，司法部发现纳斯达克的做市商相互串通以保护他们自己的利润。
Back then, the Justice Department discovered that Nasdaq market makers were secretly colluding to protect their own profits.
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.
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.
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.
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.
欣茨认为，这些规则恰恰瞄准了投资银行履行其关键职责——做市商——的能力。
Hintz argues the rules are taking dead-aim at the ability of investment Banks to act in their vital role as market makers.
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.
而其作为做市商的风险对冲需求也会促进金交所与期交所的场内交易壮大。
Meanwhile, the risk hedging needed by Banks as market makers is set to facilitate the on-exchange trade both on the gold exchange and futures exchange as well.
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.
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.
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.
但是由于我国目前种种现实的障碍，在创业板市场大范围引入做市商制度并不合适。
But because the various obstacles of China's current reality, introducing Market-making System in large-scale is not suit.
股票经纪人的手续费是固定的，这使得大客户深为不满，而做市商缺乏资本经营大宗业务。
Brokers were paid a fixed minimum commission on shares and gilts, which ripped off big clients, and jobbers lacked the capital to deal in big amounts.
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.
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.
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.
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.
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.
在此基础上进一步探讨了我国二板市场推行做市商制度的理由、实施的可行性和必须注意的问题。
On the basis of the above discussion , this paper probes into the reasons, feasibility and particulars of China's enforcement of this …
做市商制的移植将是一个系统工程，涉及到多项相关制度，并对我国立法与实务水平提出了较高要求。
The transplantation of market maker system is a systematic project, involving several relevant regulations, which presents a high demand on our legislations and legal practice.
做市商制的移植将是一个系统工程，涉及到多项相关制度，并对我国立法与实务水平提出了较高要求。
The transplantation of market maker system is a systematic project, involving several relevant regulations, which presents a high demand on our legislations and legal practice.
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