【摘要】 做市商机制和连续竞价机制是现代期货市场主流的两类交易机制,连续竞价机制则成本较低,价格信号反应灵敏;做市商机制透明、公正,市场连续性较好,代表着期货市场交易机制的未来发展方向。通过对期货市场微观交易结构及价格形成机制的模型研究,结合我国的实际情况,比较考察了几种典型的期货交易机制在不同交易结构下的价格形成效率,对我国期货市场转型完善时期具有现实意义。更多还原

【Abstract】 There are two main mechanisms in modern futures market:dealer trading mechanism and auction trading mechanism.Auction trading mechanism has a lower trading cost but a more sensitive price information system,while dealer trading mechanism with the quality of transparency,justice and a better market continuity represents the prospect of futures trading mechanism.Based on studying the microstructure and pricing mechanism model of the futures market and considering the reality of our country’s market,this paper examines and compares the efficiencies of three typical pricing mechanisms in different trading structures.According to this paper,it is of realistic significance to conduct an intensive research in this issue during the transformation and improvement period of our futures market.更多还原