做市商制度起源于传统的柜台交易市场。
在证券市场，也指做市商买卖证券之间的差价。
In security markets, it refers to the spread between selling and buying the securities.
监管机构不一定要抓住每一笔伪装为做市活动的自营交易。
The regulators don't have to catch every prop trade disguised as a market-making trade.
证券市场的两种主要交易机制是竞价方式和做市商制度。
The two principal trading systems in security markets are competing system and market making system.
一项提议法规将要求银行公布所有用于做市活动的交易计划。
One proposed rule would force the Banks to report any trading plan used for market making activities.
做市商制与集中竞价制是证券市场两种基本的价格形成机制。
Market maker system and aggregate auction system are two basic pricing mechanism in securities market.
那时，司法部发现纳斯达克的做市商相互串通以保护他们自己的利润。
Back then, the Justice Department discovered that Nasdaq market makers were secretly colluding to protect their own profits.
传统做市商收取一定的差价作为做各种市场环境下提供流动性的回报。
Traditional marketmakers earned a spread in return for the requirement to provide liquidity in all market conditions.
在多伦多的环境，一个做市商作为被动的角色来管理市场的流动性。
In the TSX environment, a market Maker manages market liquidity through a passive role.
但由于法则草案矛头直指做市活动，这两家银行可能需要重新考虑战略。
But with the draft rule clearly focused on market-making, the Banks may need to rethink their strategy.
而且，他们可以通过不完全对冲其为客户所做的做市交易而作方向性的下注。
And they can take directional bets by not hedging all of the marketmaking trades they do for clients.
远期掉期做市商是指在银行间远期、外汇掉期和货币掉期市场做市的银行。
Forward-swap market makers are Banks which provide market-making services in the inter-bank forward, foreign exchange swap and currency swap markets.
人们倾向于增购和增持，所以二级市场的交易量并没有做市商所预计的那么多。
People tend to buy and hold here, so there isn't as much secondary market trading as perhaps the market makers would like.
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.
但是，这样一个事实也不容忽视：提案中包含了豁免“善意”为客户做市的条款。
Here's the thing, though: the proposals include an exemption for "bona fide" market-making on behalf of clients.
很多人担心银行会将所有的自营交易活动都归为做市活动，以维持业务正常运行。
Many fear that the banks will just lump all their proprietary trading activities under the market-making exception to allow business to go on as normal.
欣茨认为，这些规则恰恰瞄准了投资银行履行其关键职责——做市商——的能力。
Hintz argues the rules are taking dead-aim at the ability of investment Banks to act in their vital role as market makers.
近年来，国外文献开始基于做市商交易制度的市场微观环境对相关问题进行研究。
Some of the foreign literatures start to study it based on financial market microstructure characterized by market maker trading system.
由于对允许做市商退出交易的市场交易制度的依赖，纳斯达克上市的股票流动性衰竭。
Because of its reliance on a "market making" system that allowed market makers to withdraw from trading, liquidity in NASDAQ stocks dried up.
综合做市商是指在即期、远期、外汇掉期和货币掉期等各外汇市场开展做市的银行。
General market makers are Banks which provide market-making services in the spot, forward, foreign exchange swap, currency swap and other foreign exchange markets.
但这两家银行都没有采取措施，真正为可能严重冲击其做市业务的沃尔克法则做好准备。
But neither has taken steps to seriously prepare for a strong Volcker Rule where their market-making activities could be seriously impacted.
股票经纪人的手续费是固定的，这使得大客户深为不满，而做市商缺乏资本经营大宗业务。
Brokers were paid a fixed minimum commission on shares and gilts, which ripped off big clients, and jobbers lacked the capital to deal in big amounts.
然而无论是单一的做市商制度还是竞价制度都不能满足深圳创业板市场未来的潜在需求。
But neither market-making system nor ask-bid system can meet the future potential demand of Shenzhen GEM.
我国创业板市场引入做市商制度可以起到提高交易效率、降低市场风险维持价格稳定等作用。
Therefore, to adopt the market-maker system can improve the exchange efficiency, decrease market crisis, and stabilize the price.
乍一看，这似乎看起来象一个典型的市场，一端是低成本的产品，另一端则是要价很高的做市商。
At first sight, this might seem like a typical market, with low-cost commodity producers at one end and high-charging specialists at the other.
然后介绍了做市商制度的三种主要理论假说，包括有效市场假说、合理预期假说和经济人假说。
Then, it continues to explain three major hypotheses involving the system, namely effective market, reasonable expectation and economic man.
做市商是可见的只有在必要时，当自然市场力量并不能提供足够的流动性时提供一个积极的影响。
Market Makers are visible only when necessary to provide a positive influence when natural market forces cannot provide sufficient liquidity.
做市商是可见的只有在必要时，当自然市场力量并不能提供足够的流动性时提供一个积极的影响。
Market Makers are visible only when necessary to provide a positive influence when natural market forces cannot provide sufficient liquidity.
应用推荐