The first batch of 8 securities firms have obtained the pilot qualification of market makers on the Science and Technology Innovation Board, which will further enhance market liquidity

time:2022-12-02 16:29:56 source:clevelanddrifters.com author:Stock market
The first batch of 8 securities firms have obtained the pilot qualification of market makers on the Science and Technology Innovation Board, which will further enhance market liquidity

On the evening of September 16, the official website of the China Securities Regulatory Commission released the list of the first batch of securities companies that have obtained the pilot qualifications for the market maker on the Science and Technology Innovation Board. Securities, Guosen Securities, Guojin Securities. Industry insiders believe that the market-making system on the STAR Market is a major measure for China's stock market to enrich the trading system and integrate with international standards. It is of great significance to the STAR Market, domestic capital markets, small and medium investors, and securities companies, and will help further improve Sci-tech Innovation Board stock liquidity, enhance market resilience, improve market confidence, and promote the high-quality development of the Sci-Tech Innovation Board. Steadily advancing the market maker system for the market-making transaction business is an important transaction system arrangement in the construction of the Science and Technology Innovation Board. Since the opening of the STAR Market, the registration system has been piloted steadily, and the reform of basic systems such as issuance, listing, information disclosure, trading, and delisting has been promoted in a coordinated manner. conditions of. Judging from the list released by the China Securities Regulatory Commission, there are a total of 8 securities firms that have obtained the pilot qualifications for market makers on the Science and Technology Innovation Board, including both leading and small and medium-sized securities firms. According to the detailed rules for the implementation of the stock market-making trading business on the STAR Market, the application for market-making services on the STAR Market adopts the filing system. Securities companies that have obtained the qualification for the market-making and trading business of listed securities, after filing with the Stock Exchange, can provide services for specific STAR Market stocks. City service. The China Securities Journal reporter was informed that at present, the market-making and trading business technology system, business filing, supervision and management of the Shanghai Stock Exchange are all ready. In the next step, the Shanghai Stock Exchange will complete the filing of specific STAR Market stocks based on the application of qualified securities companies, steadily promote the launch of the STAR Market stock market-making business, and make every effort to ensure the orderly implementation of the market maker mechanism on the STAR Market, so as to further give full play to the science and technology innovation board. The "experimental field" for the reform of the STAR Market will comprehensively promote the high-quality development of the STAR Market. Effectively reduce trading impact costs As of the close on September 16, there were 463 companies listed on the Science and Technology Innovation Board, with a total market value of 5.78 trillion yuan. It is foreseeable that the number of stocks listed on the Science and Technology Innovation Board will increase in the future, which also puts forward higher requirements for the liquidity of the stocks on the Science and Technology Innovation Board. Galaxy Securities believes that the introduction of the market maker system will improve the liquidity of the Sci-tech Innovation Board, which is conducive to the process of technology innovation companies listing on the Sci-tech Innovation Board for financing, as well as the refinancing of listed companies. CITIC Construction Investment stated that the introduction of market makers in a timely manner on the basis of existing auction transactions and the establishment of a more complete hybrid trading system will help improve the overall liquidity of the Sci-Tech Innovation Board market, promote the market’s price discovery function, and effectively Restrain short-term sharp fluctuations in market prices. Through professional market-making bilateral quotation and inventory management capabilities, market makers can continue to provide liquidity to the market under the premise of better control of their own risks, effectively reduce the impact cost of market transactions, and bring better benefits to the majority of small and medium investors. investment experience. Giving full play to the market stabilizer function, the efficiency of stock pricing on the Sci-Tech Innovation Board will also be further improved. "Securities companies can better price stocks by virtue of their research strength, and based on this price, continuously quote and respond to quotes for buyers and sellers, thereby promoting more reasonable market pricing." Orient Securities said. Carrying out a pilot program from the Science and Technology Innovation Board and launching a market maker mechanism will help enhance market stability, stimulate the vitality of the Science and Technology Innovation Board market, and accumulate experience for the promotion of relevant systems after the comprehensive registration system is launched. From the perspective of the market, market making on the Sci-Tech Innovation Board will play the professional pricing function of market-making securities companies, restrain speculation and other market stabilizer functions, and stabilize irrational transactions when the market fluctuates violently, which will play a certain role in secondary market prices. Stabilizer" function. According to Guosen Securities, market makers generally have better valuation analysis and value judgment capabilities, and higher risk tolerance, which is more conducive to maintaining market prices near a reasonable level and maintaining market stability. Especially when the market fluctuates greatly, the market maker acts as the last bidder based on the market-making obligation, improving the continuity of quotations at critical moments, thereby sending price reference information to the market, helping the market stabilize and rebound. Sinolink Securities said that the introduction of the market maker system on the Science and Technology Innovation Board will help increase the breadth and depth of market orders, which will reduce the impact of large orders on the market to a certain extent, improve the stability of the market, and stabilize stock price fluctuations and stability. The role of market expectations promotes the return of the price of enterprises in the secondary market to the intrinsic value of enterprises.

(Responsible editor:Fuel stock)