Research On Risk Management And Control Of The New Three Board Market Makers

National medium-sized and small enterprises share transferring system(refers to The New Three Board Market)was established by the document issued by the State Council by the end of 2013.Compared with the Shanghai and Shenzhen Stock Exchange,The New Three Board Market has small volume of listing enterprises,trading is not very active,risk hedge and supervision mechanism is not perfect.In august 2014 and in order to improve the liquidity of the market,enhance market stability,and guide the value of discovery,the market maker system was led to the new three board market by domestic securities companies as market makers.The introduction of market maker takes the opportunities securities companies to gain new profit opportunities,but at the same time,they also face new risks.After the introduction of the business for some time,some securities companies had varying degrees of loss.The Loss is mainly caused by the market and the operating system is not yet mature,the lack of the market maker's awareness of risk and risk prevention measures are not in place.The core risk of market makers and this study is the market risk associated with the market making business.In order to better control the business risk,this paper will follow the risk identification and classification,risk measurement,risk control and management based on the context,identify the risk sources and risk characteristics,distinguish between systematic risk and non systematic risk assessment and evaluate relatively controllable and uncontrollable risk through the market maker general risk management situation analysis.On this basis of the above,it is to establish risk management system and risk management plan,in order to effectively reduce the business risk of market maker.The innovation of the article is general standing on the perspective of the bystander with relatively less research to domestic three new board and market makers risk management and less strength on make recommendations on the market maker business guidance.From the perspective of market makers,this paper is not only to examine the market,the industry caused by external risks,but also to analyze the business and management of the internal risks,and accordingly put forward different ways to deal with.To the external risks which is in difficulty to manage,it will apply the total amount of investment control strategy.To the internal risk in relative control,it will develop appropriate control measures focusing on make decisions,pricing,quotation,inventory management and other aspects.In the process of research,this paper paid attention to the combination of theory and practice,applied the knowledge to solve the current problems,collected a large number of three new board market after the establishment of business data,as well as the first-hand information of market makers in the current risk management and control to support the argument of the article to some extent.