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Maker system on the inter-bank bond market liquidity

Author: ChaiCiPeng
Tutor: KongAiGuo
School: Fudan University
Course: Business Administration
Keywords: Maker system The inter-bank bond market Mobility
CLC: F832.51
Type: Master's thesis
Year: 2009
Downloads: 328
Quote: 0
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Abstract


Maker system, most of the world bond market, money market (including banking market) and the mainstream of the foreign exchange market trading system, market maker market trading between investors and market makers do market makers as intermediary buyers and sellers to resolve the asymmetries of the buyers and sellers at the time of bid, therefore, its presence can greatly improve the liquidity of the financial markets. From the size perspective, the inter-bank bond market is China's largest securities market, the main body of China's bond market. The end of 2008, the amount of inter-bank bond market managed to reach 13.9 trillion yuan, accounting for 92% of our entire bond market, which is 1.16 times the total market capitalization of the Shanghai and Shenzhen; 2008 full-year inter-bank bond market bond trading volume (including back optional) to 100.8 trillion yuan, accounting for 99.6% of the entire bond market in China, but also the Shanghai and Shenzhen stock trading volume was 3.8 times. View the trading mechanism, the inter-bank bond market trading mechanism-based inquiry system, supplemented by the market maker system. Needs to be noted that the inter-bank bond market is our first formal introduction of financial market maker system, has accumulated nearly 10 years of practical experience and data, providing a very valuable study sample. For in-depth study of the inter-bank bond market maker system has a strong theoretical and practical significance: on the one hand, it is able to provide a strong basis for the design and optimization of China's bond market trading mechanism and reference; On the other hand, can make a market business applicability of the system in China's financial markets to provide important research samples and empirical evidence to provide a reference for the introduction of China's stock market, foreign exchange market maker system, further development and improvement of China's financial markets a variety of trading mechanisms. The author through analysis and empirical testing to the following conclusions: 1, from practical experience for bond trading, compared to the market maker system Inquiry system in bond trading advantages should become the dominant way of the inter-bank bond market transactions . 2, regardless of the measure of turnover or the bid-ask spread as the inter-bank bond market liquidity is low, the need to vigorously enhance. 3, the market maker system to effectively improve the inter-bank bond market liquidity. Based on the above conclusions, I believe that to improve the market maker should be the system, policy, supporting all aspects of do Municipal enthusiasm, to continue to improve the inter-bank bond market liquidity, so that the development of China's capital market more complete.

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