11.系列期权的挂牌时间是哪天？ 答：豆粕、玉米系列期权合约于标的期货合约交割月份前5个月第1个交易日挂牌交易，标的期货合约在 该交易日之前无成交的，系列期权合约于标的期货合约成交后的下一交易日上市交易。 答：限价指令和限价止损（盈）指令，每次最大下单数量与标的期货相同。 15.系列期权的挂牌基准价如何计算？ 答：根据BAW美式期权定价模型计算新挂牌期权合约的挂牌基准价，模型中的利率取最新一年期定期 存款基准利率，波动率取标的期货合约历史波动率。 挂牌基准价于上市前一个交易日计算后，可通过会员服务系统或者大商所网站查询。 16.系列期权如何进行行权与履约？ 答：在每个交易日的交易时间以及到期日的15：00—15：30，客户可以提交"行权""双向期权持仓对冲 平仓""行权后双向期货持仓对冲平仓"和"履约后双向期货持仓对冲平仓"申请，在到期日的交易时间以 及到期日的15：00—15：30，客户可以提交"放弃"申请。 17.系列期权如何限仓？ 12.系列期权的最后交易日是哪天？ 答：豆粕、玉米系列期权合约的最后交易日是标的期货合约交割月份前两个月的第12个交易日，到期日 同最后交易日。交易所可以根据国家法定节假日调 ...

Core Viewpoint - The evaluation results of market makers for the fourth quarter of 2025 have been released by the National Equities Exchange and Quotations (NEEQ), highlighting the performance and fee reduction qualifications of various securities firms [1][3]. Group 1: Market Maker Evaluation Results - Three securities firms, Northeast Securities, Kaiyuan Securities, and Shanghai Securities, ranked in the top 5% with a 100% fee reduction [2][3]. - Twelve market makers received fee reduction qualifications, with six firms in the 10%-20% ranking receiving a 50% fee reduction, including Huahuan Securities and Changjiang Securities [3]. - The rankings of some firms changed compared to the third quarter of 2025, with Guotai Haitong moving from the 10%-20% range to the 5%-10% range [4]. Group 2: Industry Trends and Strategies - The rankings of market makers show limited volatility over several quarters, indicating a stable competitive landscape among smaller firms, while larger firms maintain dominance in other areas [5]. - First Capital has focused on optimizing its market-making strategy in the New Third Board, enhancing its professional capabilities and providing liquidity to quality enterprises [5]. - As of June 2025, First Capital provided market-making services for nine enterprises, while CICC reported having 22 market-making enterprises, with 81.82% being innovative tier companies [5][6]. Group 3: Regulatory Framework and Future Directions - The evaluation guidelines for market makers have undergone multiple revisions, with the current version being from 2020, emphasizing the importance of market maker evaluations in improving market liquidity and price discovery [8]. - The NEEQ aims to continuously assess the implementation effects of the market maker system and optimize the evaluation incentive mechanism to promote the healthy development of the market maker system [8].

（原标题：香港金发局：建议为中小上市企业引入做市商制度 增加交投量） （香港金发局发布会现场 摄/张伟泽） 南方财经 21世纪经济报道记者 张伟泽 实习生 金颖 香港报道 12月12日，香港金发局总监董一岳在记者会上表示，目前香港股市主要的成交量都集中于头部企业，而 其余的2000多只股票交投量较少。对此，香港金发局建议为这些中小型的上市公司引入做市商制度以支 持流动性。 当日，香港金融发展局发布题为《香港资本市场领航之路：超级联系人-数码时代的全球资本枢纽》的 概念报告。该报告为香港资本市场规划了策略路线图，并依中短期、中期及长期三个阶段提出了系统性 的发展框架。 根据报告规划，在未来的6至24个月内，香港应着力优化上市制度。具体包括调整同股不同权的上市规 则，并进一步完善针对未有盈利或知识密集型企业的上市安排。 董一岳在解读报告时指出，当前全球市场环境具有不确定性，市场上许多优质企业的上市筹备周期被拉 长。一些研发投入充分但尚未实现营收和盈利的公司，可能因市场活跃度或其他考虑而放弃在美国上 市。香港能够吸纳这一类有上市潜力的公司。 他透露，在过去数月访问中东、东南亚及中亚地区期间，已接触到大量有来港上市意 ...

Group 1 - Nasdaq is one of the earliest securities markets to adopt electronic trading systems, lacking a physical trading floor and relying on advanced electronic networks for efficient matching of securities [1] - The market primarily lists growth-oriented innovative companies in technology, biotechnology, and internet sectors, which typically have high R&D investments and growth potential [1] - Nasdaq has established multiple differentiated listing standards, allowing companies to choose criteria based on their financial status and market capitalization, thus lowering the listing threshold for growth companies [1] Group 2 - Nasdaq operates in multiple tiers, including the Global Select Market, Global Market, and Capital Market, each corresponding to different listing standards and regulatory requirements, effectively matching companies with investor needs [2] - The market is under comprehensive regulation by the U.S. Securities and Exchange Commission (SEC) and adheres to its own listing rules and ongoing disclosure obligations, with updated regulations enhancing transparency in financial reporting and corporate governance [2]

Group 1 - The market maker system is an important mechanism for injecting liquidity into the market, and the recent evaluation results for market makers in Q2 2025 show that Northeast Securities, Kaiyuan Securities, and Shanghai Securities ranked in the top 5%, receiving a waiver for all transaction handling fees for the quarter [1][2] - As of July 18, 63 brokerages have become market makers in the New Third Board, with Northeast Securities leading in the number of securities made market for, totaling 72, followed by Kaiyuan Securities with 66, and Shanghai Securities, Tianfeng Securities, and Changjiang Securities with 49, 43, and 42 respectively [1][2] Group 2 - The evaluation results indicate that several small and medium-sized brokerages are seizing opportunities in the New Third Board market, forming certain business advantages, while large brokerages like GF Securities and Shenwan Hongyuan have also shown improvement in their rankings [2] - The rapid development of market-making business has become an important growth point for brokerages, with many actively applying for various market-making qualifications [3] - Experts suggest that brokerages providing continuous two-sided quotes can meet investors' trading needs, enhance market pricing efficiency, and stabilize market fluctuations, contributing to a healthier market development [3]

Core Insights - The National Equities Exchange and Quotations (NEEQ) has released the market maker evaluation results for Q2 2025, highlighting the performance of various securities firms in the market-making business [1][2] Group 1: Market Maker Evaluation Results - In Q2 2025, three firms, Northeast Securities, Kaiyuan Securities, and Shanghai Securities, ranked in the top 5% and received a 100% fee exemption [1][2] - Six firms, including Haitong Securities and Shenwan Hongyuan, ranked between the top 10% and 20%, receiving a 50% fee exemption [2] - Notable changes in rankings include Guangfa Securities moving from the top 10% to the top 5% and Shenwan Hongyuan entering the top 10% to 20% for the first time [2] Group 2: Industry Trends and Insights - The competition among market makers appears to be less intense, with rankings showing relative stability and some fluctuations due to short-term business variations [3] - Smaller securities firms are gaining an advantage in the NEEQ market-making space, as larger firms focus on other areas [3] - Companies like Guoyuan Securities and Guosen Securities are actively enhancing their market-making capabilities to provide liquidity for small and medium enterprises [3][4] Group 3: Evaluation Criteria and Importance - The evaluation criteria for market makers include trading scale, liquidity provision, and quote quality, with a total score of 100 points [6] - The NEEQ emphasizes the significance of the market maker system in improving market liquidity and facilitating price discovery [6] - Continuous assessment and optimization of the evaluation mechanism are planned to promote the healthy development of the market maker system [6]

Core Viewpoint - The evaluation results for market makers in the second quarter of 2025 have been released by the National Equities Exchange and Quotations (NEEQ), highlighting the performance and fee exemptions of various securities firms [1][4]. Group 1: Market Maker Rankings and Fee Exemptions - Northeast Securities, Kaiyuan Securities, and Shanghai Securities ranked in the top 5%, receiving a 100% exemption on transaction fees [2][4]. - In the top 20%, firms like GF Securities and Shenwan Hongyuan saw improvements in their rankings compared to the first quarter of this year [2][5]. - A total of 12 market makers qualified for transaction fee exemptions, with 6 firms in the 10%-20% ranking receiving a 50% exemption [4][5]. Group 2: Market Dynamics and Competitive Landscape - The rankings of market makers show limited volatility over several quarters, indicating a stable competitive landscape, although individual rankings may fluctuate due to short-term business variations [6]. - The list of ranked firms primarily includes smaller securities companies, suggesting a differentiation in competitive strategies, as larger firms tend to dominate in other areas and invest less in the New Third Board market-making business [7]. Group 3: Business Strategies and Market Positioning - Guoyuan Securities emphasized a return to core business principles in its market-making activities, aiming to enhance trading capabilities [8]. - First Capital Securities is adjusting its portfolio based on market conditions to provide liquidity for quality New Third Board companies [8]. - Caida Securities reported a modest involvement in market-making, with a small proportion of its trading assets allocated to this business [8]. Group 4: Evaluation System and Future Directions - The NEEQ's market maker evaluation system, revised multiple times, assesses firms based on various criteria, including market-making scale, liquidity provision, and quote quality [9]. - The NEEQ aims to continuously evaluate the effectiveness of this system to enhance market liquidity and promote a healthy market-making environment [9].

Group 1 - The core trading hours for the US stock market are from 9:30 AM to 4:00 PM Eastern Time, with pre-market trading starting at 4:00 AM and after-hours trading ending at 8:00 PM, which differs from domestic trading hours [1] - The US stock market allows for flexible trading units, enabling investors to purchase as few as one share, providing greater flexibility especially for those with smaller capital [1] - The US stock market operates on a T+0 trading system, allowing investors to buy and sell stocks on the same day, which contrasts with the T+1 system in the A-share market [2] Group 2 - Transaction costs in the US stock market include commissions and taxes, with significant variations in commission rates among different brokers, especially with the rise of online brokers offering low or zero commissions [2] - The US stock market features a market maker system that enhances liquidity by providing buy and sell quotes, ensuring timely execution of trades [3] - The US stock market comprises various tiers of stocks, including main board and growth board, each with distinct listing standards and trading rules, necessitating careful selection by investors [3]

Core Viewpoint - The article discusses the recent evaluation results of market makers by the National Equities Exchange and Quotations (NEEQ), highlighting the performance and ranking changes of various securities firms in the first quarter of 2025, with a focus on the shift towards the Beijing Stock Exchange (BSE) for market-making opportunities [2][3]. Group 1: Market Maker Evaluation Results - The NEEQ released the market maker evaluation results for Q1 2025, with Northeast Securities, Shanghai Securities, and Kaiyuan Securities ranking in the top 5% and receiving a 100% fee exemption [2]. - In the top 20% of the rankings, firms like Shanghai Securities, Tianfeng Securities, and Changjiang Securities saw improvements in their rankings compared to Q4 of the previous year [2][3]. - A total of 12 market makers received fee exemption qualifications, with 6 firms in the 10%-20% range receiving a 50% fee reduction, and 3 firms in the 5%-10% range receiving a 70% reduction [2]. Group 2: Strategic Adjustments by Securities Firms - Some securities firms are adjusting their market-making strategies in response to regulatory changes, focusing more on the BSE and reducing their involvement in the New Third Board market-making business [4]. - For instance, Hongta Securities has actively reduced its New Third Board market-making scale and is applying for qualifications to operate on the BSE, indicating a strategic shift towards more promising market opportunities [4]. - The report from Shichuang Securities noted that they have 23 market-making enterprises, ranking 15th in the industry, with a significant portion being innovative tier companies [4]. Group 3: Evaluation Criteria and Importance - The evaluation criteria for market makers include a total score of 100 points, with categories such as market-making scale, liquidity provision, and quote quality [5]. - The NEEQ emphasizes the importance of the market maker system in improving market liquidity, price discovery, and fostering a healthy market cycle, indicating ongoing efforts to optimize the evaluation and incentive mechanisms [5].