前言做市商在做市活动中的核心职能是为市场提供流动性,其做市收益主要来自买卖的价差,同时承担着维持库存、处理订单、应对做市风险和信息不对称而产生的成本。做市商在做市活动中趋于追求盈利目标,因而总是试图扩大价差以获取更高的交易收益,这导致做市商在做市活动中经常以实施欺诈交易、操纵市场等方式获取高额价差收益,严重侵害了投资者的权益。由此,监管规则对做市商的义务作了较为严格的规定,证券立法和法院的判例中还确立了做市商对于客户的信托义务;另外,由于做市商需要做市动力的支持,做市商还被赋予 Foreword The core function of a market maker in market making activities is to provide liquidity to the market. Its market making profits mainly come from the spread of sales and the costs of maintaining inventory, processing orders, dealing with market risk and information asymmetry . Market makers tend to pursue profit-making goals in market-making activities, and therefore they always try to expand their spreads to obtain higher trading returns. This has led market makers often to obtain high profits in market-making activities by implementing fraudulent transactions and market manipulation Spread-value income, a serious violation of the rights and interests of investors. As a result, the regulatory rules set strict rules on the obligations of market makers. In the securities legislation and court cases, the market maker’s trust obligations to customers are also established. In addition, as market makers need market-making support, Market makers have also been given