The Research On The Regime Design And Supervising Countermeasures Of OTC Market In Our Country

Over-The-Counter(OTC) market, also known as non-listed public company equity trading market, is the market which makes securities trading outside the stock exchange. The securities traded in the OTC market are that which not traded in the Stock Exchange. At present, the OTC markets which relatively influential around the world are the United States NASDAQ, OTC quotation system (OTCBB), Pink Sheets; Taiwan Emerging markets; the UK alternative investment market AIM; OTC France CMF, emerging markets in Paris; Korea OTC market etc. The equity flows in enterprises will no longer be affected by asset size and profitability if financing in the OTC markets, the characteristics of convenient, rapid, low-threshold, throughput, and low cost can be effectively alleviated a lot of small and medium-sized innovative companies, high-tech enterprises, high-risk enterprises, private enterprises the issue of financing, more enterprises will adopt the way of direct financing in OTC market.Building multi-level market system is the leading direction in the future of China's capital market development, and the OTC market is an important part in essential. The supervision in OTC market is a new topic for the securities authorities and the managers of the government in terms of macroeconomic management. In the choice of supervision body, it is may be an effective way to choose effective regulatory agency (such as market makers, etc.) in low-cost, and the implementation of the marketing regulation on the OTC market, the using of market-oriented management, or the solution to the development of regulatory difficulties in OTC markets,...