做市商

近日遭遇电子股票交易故障的美国做市商KnightCapitalGroup以“交易科学，信任标杆”作为宣传语。

Knight Capital , the market maker at the centre of the latest malfunction in electronic share trading , bills itself as : " the science of trading , the standard of trust . "

人们的关注点落到了KnightCapital所运行的一种算法上。问题暴露后，这家电子做市商在纽约上市的股票到午盘时已放量暴跌逾23%，报7.92美元。

Focus centred on an algo run by Knight Capital , an electronic market maker whose own shares had plunged more than 23 per cent to $ 7.92 in heavy volume by midday in New York after the problems were revealed .

做市商靠赚取买卖价差生存。

Market makers earn their livings from the spread between buying and selling prices .

NASDAQ市场的做市商制度及其经验借鉴

NASDAQ Market-maker System and Its Referential Experiences

其良好交易制度的最明显特点是在NASDAQ市场上有完善的做市商制度。

NASDAQ gains great success owe to its upstanding exchange system , whose evident character is perfect make-marketing system .

这种现象导致做市商和特设交易商（specialist）的彻底消失，雇佣分析师研究所交易股票的经纪公司也随之大量消亡。

This led to a annihilation of the market makers and specialists as well as decimation of the brokerage houses that employed analysts to cover the stocks that they traded in .

它还让我想起在1986年的金融去监管化“大变革”（bigbang）之前伦敦金融城的组织方式，当时股票经纪商与股票自营商（现在被称为做市商）分开经营。

It also reminds me of the way the city of London was organised before the big bang deregulation in 1986 , when stock brokers were separated from stock jobbers ( what would now be known as marketmakers ) .

做市商也常常会抓住etf价值和标的指数之间的差距，并通过套利来填平差距。

Market-makers also tend to seize on gaps that open up between the value of an ETF and its underlying index , and eliminate them through arbitrage .

首先是七国集团（g7）增强银行弹性的行动计划，以使银行恢复其做市商的作用。

The first is the action plan of the group of seven leading industrialised nations to make banks resilient so that they can resume their market-making roles .

在这种两级市场，散户投资者通常购买并长期持有ETF，交易员和做市商却由于诸多不同原因快速地吃进、卖出基金。

In this two-tier market , retail investors tend to buy and hold ETFs while traders and market-makers move in and out of funds rapidly for many different reasons .

加拿大央行（bankofcanada）行长马克卡尼（markcarney）有关央行作为最后做市商的想法就是在往这方面思考，这主要是为了保持货币市场中短期融资的关键流动性。

Mark Carney , governor of the Bank of Canada , has moved this way with his idea about central banks acting as market makers of last resort , mainly to keep the crucial liquidity of short-term funding flowing in money markets .

由于中国市场不采用做市商制度，在没有Bid-Ask数据的情况下改进了以前的模型，从而对中国股票市场信息不对称的程度进行了度量。

Information asymmetry without bid-ask spread data for the order-driving trade mechanism in China stock market was measured by proper extending of the previous theoretical model .

对ETF来说，流动性好的市场十分重要，因为基金发行者或做市商需要买卖某只基金所追踪的证券，以便创建或赎回份额。

A liquid market is important for ETFs , because the fund issuer or market makers need to buy and sell the securities a fund is tracking , in order to create or redeem shares .

利用升降级转板机制、做市商制度、退市机制、加强宣传、扶持本地企业等措施，形成一个层次互补、模式相似、上市标准递进的OTC市场体系。

On this basis , we can use transfer mechanism , down-layer mechanism , market maker system , withdraw mechanism , strengthen the propaganda , and support local enterprises , to establish OTC market system that has complementary level , similar pattern and progressive listing standards .

做市商在多伦多证券交易所（TSX）的作用是增加流动性，同时在价格优先，时间优先的基础上保持订单驱动的连续拍卖市场。

The role of the Market Maker on Toronto Stock Exchange ( TSX ) is to augment liquidity , while maintaining the primacy of an order-driven continuous auction market based on price-time priority .

英国国债做市商协会（Gilt-EdgedMarketMakersAssociation）拥有直接从英国债务管理办公室（DMO）购买证券的排他性权力。该协会的诸多大型成员银行都位于往来奥运场馆的交通线上，其中很多银行都安排员工奥运期间在家里工作。

With many of the largest banks - which make up the elite Gilt-Edged Market Makers Association exclusively allowed to buy securities directly from the Debt Management Office - dotted along the transport routes to and from the main Olympic site , many employers are making arrangements for staff to work from home .

做市商理论及其在我国的应用

The Theory of Market - maker and its Application in China

做市商制度下证券价格的形成机制分析

Analysis on formation mechanisms of security price under market maker system

做市商理论及其指导意义

The theory of make - market trader and its guiding significance

做市商制度与银行间债券市场的发展

The Development of the Market maker and Bond Market Among Banks

做市商制度选择：股票市场与国债市场差异分析

Comparison of Market Making in Equities and Fixed Income Markets

创业板市场引入做市商制度的研究

Research about introducing market maker rule into second board market

传播维护-衡量做市商的双面市场能力。

Spread Maintenance-Measures the Market Maker 's ability to call a2-sided market .

论创业板市场实行做市商制度的必要性

Necessity of Establishing Market Maker System in Second Board Market

浅议做市商制移植

A Tentative Discussion on the Transplantation of Market Maker System

第四部分重点分析了纳斯达克的交易制度&做市商制度。

The part ⅲ analyzes the NASDAQ trading system-Market-Maker mechanism .

银行间债券市场做市商制度研究

Research on market maker mechanism of bond market between banks

做市商制度起源于传统的柜台交易市场。

Market making system is originated from the counter market .

创业板做市商制度研究

Research on the Delisting System of Growth Enterprise Market

论我国债券市场做市商制度的发展

Discussion About the Development of Market Maker System in Bond Market of China