There are many important issues to consider , such as the liquidity and market - making arrangements including short - selling ; hedging and risk management ; transaction costs ; market concentration ; disclosure of information , particularly price - sensitive information ; and the role of intermediaries , if any 关于这点有许多重要事项都需要考虑，例如流通性及做市商制度包括卖空对冲及风险管理交易成本市场集中程度信息特别是价格敏感信息的披露，以及可能出现的市场中介之角色。
This paper analyzed the system environment of building stock index futures , complete legal system and sophisticated supervising system , and argues that for the functions of short sales mechanism is neutral , it will not affect the normal operation of stock index futures markets , also it will not cause future index deviating from stock index 本文探讨了开设股指期货的制度环境，包括完善的法律体系及健全的监管机构，并重点论证了做空机制和做市商制度的缺乏，对我国推出股指期货不会造成影响，因为做空机制的功能是中性的，不会影响股指期货市场的正常运作，也不会造成期指与股指的偏离。
When requirements are met pure market maker system should not be used because of its shortcomings in nature , either . a better way to solve the problem is that we may adopt the long suits of the two trading system ; ( 5 ) the stopping transacting system : the writer suggests that it ' s the stock exchange that should decide which stock meet the requirement of stopping transacting （ 4 ）在二板市场的交易制度上，由于我国的现实条件；笔者认同已出台的创业板市场咨询文件的观点，即在二板市场设立之初，暂不实行报价驱动交易制度（做市商制度） ，而沿用委托指令驱动制度（竞价交易制度） ，待条件成熟后再实行报价驱动交易制度（做市商制度） 。
Therefore , we should set out from rebuilding credit base , set up broker rule and insider law , perfect three sub - markets , increase main market bodies , enlarge market scale , bring into play policy functions of the market entirely , construct reasonable interest rate and tighten up the regulation on the money market 这就需要从重建信用基础入手，建立经纪人制度和做市商制度，完善三个子市场，增加市场交易主体，扩大市场规模，充分发挥货币市场的政策功能，构筑合理的货币市场利率，加大对货币市场的监管。
Under this circumstance , our treasury bond market exits lots of shortfalls which impede further development for this market . in this essay , combining with the experience in developing country " s experience , it analyses some challenges which confronted chinese bond market , such as liquidity in the interbank market has yet to be improved , duration in bond products are yet to be rational , a sound yield curve is yet to be take shape , the separation between exchange and interbank yet to be broken . in order to solving above issues , this essay suggests that it should develop market maker system to increase market liquidity ; manage balanced treasury bond ; issue short and long term treasury bond in proportion to improve duration and yield curve ; develop bond derivative products such as future trading , open style repurchasement , so it can provides tools for risk protection 但随着我国经济的快速发展，金融市场已今非昔比，中国成为了世贸组织的成员，中国资本市场要走向国际化，利率的市场化是大势所趋，在此前提下，我国国债市场还存在着很多不足，越来越阻碍着国债市场的进一步发展，本文结合世界发达国家的先进经验，剖析了我国国债市场存在的一些问题如：流动性有待改善、国债期限结构不合理、无法形成科学合理的益率曲线、交易所市场与银行间市场割裂等，为解决这些问题，本文建议应发展做市商制度以提高市场流动性；实施国债余额管理，发行短期国债及长期国债，改善国债期限结构，以形成科学合理的收益率曲线；发展债券衍生金融创新工具如国债期货交易、开放式回购等，为投资者提供避险工具等等。
This includes that transaction quantity has been increasing but current efficiency is low , price difference has been reducing but still big , transaction location possesses arrangement but transaction quantity fasten on the ibbm and that transaction variety is increased but no diversification . ( 4 ) the thesis deep - seated probes into the reasons of the mobility problem . in reality , the reasons include illogical interest rate mechanism , lacking the medi - organization , inappropriate structure of bondholders , impercipient market main body , and macro - economic condition etc . all of them limit the mobility of ibbm ( 4 )本文认为产生流动性问题的主要原因在于：利率机制作用不合理，即发行利率机制不合理和一级市场与二级市场利率不对称；交易中介机构欠缺，即做市商制度不完善和经纪人制度缺乏；市场主体结构不合理，即参与者结构不合理和债券持有者结构不合理；市场主体对市场认识不足，即商业银行和其他市场主体对市场认识不足；宏观经济环境等。
In the second part of this thesis , we studied and demonstrated the gem operation systems , covering various components of systems in company listing , qualified recommending , independeni directorship , stock option , stock trading , market - making , information exposure , company exit , etc . , and on the basis of intemational and domestic comparative analysis , we made a design and choice on the various china gem operation systems 第二部分，研究和分析论证创业板市场运行制度，包括上市制度、保荐人制度、上市公司独立董事制度、上市公司股票期权制度、交易制度、做市商制度、信息披露制度、上市公司退市制度等。在国际国内比较研究的基础上，论证并推导我国创业板市场各项运行制度的设计与选择。
In the thesis , our author did some research work on the operational experience in competitive market maker mechanism in overseas developed market , made analysis on the current situation and characteristics of the domestic securities market , proved the necessity for the import of the market maker mechanism and devised the preliminary framework of the mechanism in china , and finally put forward some practical suggestions in the implementation of the mechanism 本论文通过研究竞争性做市商制度在国外成熟市场的运作经验，分析中国证券市场的发展现状和特点，论证引入做市商制度的必要性，并设计中国竞争性做市商制度的建设框架，进而对这一制度在我国的实施提出具体建议。
