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A Study on the Development Patterns Selection of Chinese Multi-level OTC Markets

Author: HuiJianJun
Tutor: GaoXiaoYan
School: Tianjin University of Finance and Economics
Course: Finance
Keywords: Over-The-Counter Markets Demutualization Mixed Market Maker System Multi-level Market Structure
CLC: F832.51
Type: Master's thesis
Year: 2011
Downloads: 554
Quote: 3
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Abstract


The over-the-counter market (OTC) originated in the bank, which made stock trading business with the customer over the counter, and it is known as the counter trading. Because this transaction is different from the trading in a stock exchange, which happened outside the exchange hall, so it is also known as the over-the-counter market. From 1980s to now, the construction of the over-the-counter (OTC) is going ahead in exploring, although the process is circuitous and hard. In the early of 21st century, the operation of new San Ban and Tian Jin equity exchange marked that the construction of over-the-counter market will rise again. The rising is very different from previous, it emerged in national policy clearly encourage the construction of the country’s multi-level capital market, rising in the private economy booming demand for funds, under the environment of the world financial crisis. After recent several years, it has made some progress, but the formal unified, nationwide, standard over-the-counter market operation patterns have been not formed, which greatly hindered the development of Chinese capital market and hindered the capital market service functions of supporting the economic development.The over-the-counter market is the important part of Chinese multi-level capital market, and it is the "basement" of "pyramid" type capital market. How to build the "base" of "pyramid" is a very important research subject. Unfortunately, the study of Chinese over-the-counter market is not comprehensiveness and systemic. The present situation of lack of theoretical guidance in China has already seriously hampered the process of the construction of Chinese over-the-counter market.Therefore, the article has studied the development pattern options of Chinese multi-level over-the-counter market by using multi-level capital market theory related, and using key cases investigation, the experience abroad and respecting to its national phase. Through the verification of the necessity and feasibility of the construction of Chinese multi-level over-the-counter market, combing the experience of international matured over-the-counter market, and then combination with the concrete practice of the over-the-counter market in China. It puts forward the development patterns selection and the implementation path to Chinese multi-level over-the-counter market.At last, the paper puts forward that the over-the-counter market structure in China should be multi-level; and the organization mode should be demutualization, the trading mode should be mixed market maker system; In order to ensure the over-the-counter market operation healthily, we must establish effective supervision mechanism. These achievements may offer beneficial reference for the theoretical research and policy makers, and promote the construction process of Chinese over-the-counter market, and improve the multi-level capital market system in China.

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Financial market
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