| 单词 | market maker |
| 释义 | market maker 1) An intermediary who creates a market for a financial obligation. 2) A dealer in securities on the London Stock Exchange who undertakes to buy and sell securities as a principal and is therefore obliged to announce buying and selling prices for a particular security at a particular time. Before October 1986 (see: Big Bang) this function was performed by a stockjobber, who was then obliged to deal with the public through a stockbroker. However since October 1986, when the rules changed, market makers attempt to make a profit by dealing in securities as principals (selling at a higher price than that at which they buy); (see margin) as well as acting as agents, working for a commission. While this dual role may create a conflict of interest for market makers (see Chinese wall, front running), it avoids the restrictive trade practice of the former system and reduces the cost of dealing in the market. |
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