An Analysis Of The Impact Of China 's Market - Maker System On The "New Three - Plate" Liquidity Level

Performs as an important way to improve market liquidity, Market maker system plays an important role in the field of futures, securities since its birth. Now, the Market maker system has been running for more than years period in NEEQ, and at the same time, the NEEQ market has not only achieved more than 6000 listed companies, but also experienced violent fluctuation accompanied with the Main Board and GEM markets. During the market turmoil occasion, the market tends to reflect many unusual features. Therefore, review and capture changes in liquidity of the market within this period is quite necessary. It can be helpful to judge the role of existing market maker system when stabilizing the market, providing liquidity and value founding. Therefore, it also contributes to an objective understanding of the level of liquidity and current market making system, allowing a further suggestion to NEEQ.This paper reviews the definition of mobility, influencing factors and metrics; secondly combed the concept, classification and changes of the market maker system, combined the difference between the NASDAQ’s market maker system and NEEQ’s. After clarifying the concept, the paper selected corresponding indicators from three dimensions portraying flow-ability, and set up a liquidity function and produced fluidity value: L. Then, based on these indicators and numerical analysis some characteristics of current NEEQ’s liquidity can be summarized, namely: severe volatility, lots of extreme or null values; being improved but still significantly lower than the GEM; some differences of time variation between the GEM stock liquidity and NEEQ. Aiming at above characteristics, some measures can be take: hierarchical mechanism refinement, improved information disclosure, more concerning on market makers’ profit model, as well as strengthened supervision. Finally, this paper gives a summary and an outlook.The innovation of this paper is a quantifiable model with multiple factors of liquidity evaluation mode, also a combination of quantitative and qualitative methods, and a perspective from the market maker system of improving liquidity. Besides that, the object of study has a certain novelty in time. Limited by the market maker system shorter running time, market volatility in the specific circumstances of this time period, the deficiencies of this paper is reflected: the accuracy of the liquidity model needs to be improved, the sample covers the model can be further filtered in stages, absence of analysis of sample stocks’ liquidity in innovation layer of NEEQ, comparison between market making and non-market making stocks’ liquidity in NEEQ, as well as comparison with China’s mainboard market and overseas mature market in the transverse direction.