An empirical study on the foreign exchange market´s liquidity after the introduction of the market-maker system

In this paper, the financial marker microstructure theory is the basis, China´s foreign exchange marker-maker system is the object of the study. By combining the theoretical analysis and empirical testing method, this paper investigate the changes of the foreign exchange market´s liquidity after the introduction of the market-maker system, and proved the system indeed played a positive role in our foreign exchange marker.