Beijing Stock Exchange Stock Market Trading Business Rules
Chapter I General Provisions
Article 1 These Rules are formulated in accordance with the Securities Law of the People’s Republic of China (hereinafter referred to as the “Securities Law”), the Trading Rules of the Beijing Stock Exchange (Trial Implementation) (hereinafter referred to as the “Trading Rules”) and other relevant provisions in order to regulate the stock market making and trading business of the Beijing Stock Exchange (hereinafter referred to as the “Exchange”), protect the legitimate rights and interests of investors and maintain the orderly operation of the securities market.
Article 2 These Rules shall apply to the trading business of the shares of a listed company of the Exchange.Where these Rules are not provided for, the provisions of other relevant rules of the Exchange shall apply.
Article 3 The stock market trading business of a listed company of the Exchange refers to the business of a qualified securities company (hereinafter referred to as the “market maker”) to provide liquidity services such as continuous two-way quotations (hereinafter referred to as the “market maker”) in the stock auction trading of a listed company in accordance with the provisions of these Rules and the market making agreement.
Article 4 Market makers shall strictly abide by the provisions of laws, administrative regulations, departmental rules, normative documents (hereinafter referred to as laws and regulations), the Exchange’s business rules and market-making agreements when engaging in stock market making business. They shall not use market making business for insider trading, market manipulation or other illegal activities or seek other improper benefits, and shall not use unpublished information for trading.
Chapter II Application and Termination of Market Making Services
Article 5 If a member of the Exchange is approved by the China Securities Regulatory Commission (hereinafter referred to as the CSRC) to obtain the qualification for trading in listed securities, it may provide market-making services for specific stocks to the Exchange for the record after opening the trading authority of the Exchange.
Article 6 Sponsor institutions that are qualified for listing and trading in listed securities or securities companies that actually control such sponsor institutions shall be encouraged to provide market-making services for their sponsored shares during the period of continuous supervision and guidance.
Article 7 If a member intends to open the trading authority of the Exchange, the following materials shall be submitted to the Exchange:
(1) Application for the opening of market-making trading authority;
(2) A copy of the certificate of qualification for listing and trading of listed securities approved by the CSRC;
(3) Information on the proprietary securities accounts used by the market-making special securities accounts and market-making departments;
(4) other materials required by the Exchange.
Article 8 Where the opening materials for market-making trading rights submitted by the members are complete and meet the requirements, the Exchange shall notify the applicant to sign a market-making agreement within 5 trading days from the date of acceptance, and clarify the relevant rights and obligations of the market-making trading business.After the signing of the market making agreement, the Exchange shall open the market making trading authority for the applicant and make an announcement to the market.
If the opening materials for market-making trading rights are not complete or do not meet the requirements, the Exchange will not handle them and notify the applicant within 5 trading days.
Article 9 Where a market maker voluntarily applies to cancel the trading rights of the Exchange, it shall notify the Exchange in writing at least 15 trading days in advance, and after confirmation by the Exchange, the trading rights of the Exchange shall be closed.
Article 10 Under any of the following circumstances, the Exchange may cancel its market-making authority and make an announcement to the market:
(1) It no longer has the qualifications for listing and trading of listed securities;
(2) serious violations of laws and regulations;
(3) other circumstances stipulated by the Exchange or stipulated in the market-making agreement.
Where the market maker has been revoked the trading rights of the market, it shall not reapply for opening within 1 year.
Article 11 Where a market maker intends to join the market for a specific stock, he shall submit to the Exchange in advance the application forms and other filing materials as provided for by the Exchange.If the filing materials are complete and meet the requirements, the Exchange shall file them within 3 trading days and notify the applicant.The applicant shall, on the day of receiving the notice of filing from the Exchange, make an announcement on the information disclosure platform (hereinafter referred to as the prescribed information disclosure platform) that complies with the provisions of the Securities Law, and may make a market for the relevant stocks from the next trading day of the announcement.
If the filing materials are not complete or do not meet the requirements, the Exchange will not make the filing and inform the applicant within 3 trading days.
Where the original market maker has not applied to withdraw from the market and has obtained the trading authority of the Exchange after obtaining the qualification for listing and trading of the listed securities approved by the CSRC, it shall continue to provide market making services for the stocks after the listing of the Exchange.The relevant market makers shall make an announcement on the prescribed information disclosure platform on the trading day before the listing of the shares.
Article 12 Where a market maker intends to voluntarily withdraw from making a market for a particular stock, it shall notify the Exchange at least 2 trading days in advance, and on the day on which it receives the confirmation notice from the Exchange, it shall make an announcement on the prescribed information disclosure platform, and may withdraw from making a market for the relevant stock from the next trading day of the announcement.
Where a market maker voluntarily applies to quit market making for a specific stock, he shall not reapply to market making for the same stock within 6 months after quitting; where a market maker voluntarily applies to quit market making for all stocks, he shall not reapply to market making for any stock of the Exchange within 1 year after quitting.
Article 13 Where a market maker joins or withdraws from market making for a specific stock, it shall, in accordance with the provisions of the Exchange and the securities registration and clearing institution, promptly handle the transfer of the stocks between the market making special securities account and the self-operated account.
Chapter III Rights and Obligations of Market Makers
Article 14 Market makers shall conduct market-making transactions through special securities accounts and special trading units.Market-making special securities accounts shall be filed with the Exchange.
Market makers may not use market-making-specific securities accounts to conduct non-market-making transactions, except as otherwise provided by the CSRC and the Exchange.
Article 15 The Exchange may specify the number of specific stock market makers and the minimum period for market makers according to the business development and market demand.
Article 16 Market makers may use their own stocks, stocks borrowed from China Securities Finance Co., Ltd. or other stocks entitled to be disposed of in the market making and trading business.
Market makers who acquire market-making stocks through participating in a public offering shall not use the market-making special securities account to participate in strategic placement.
Article 17 The shares of a listed company held by a market maker through a special securities account for market making shall, in principle, not exceed 5% of the issued shares of the listed company.
The shares held by the market maker through the market-making special securities account shall be included in the consolidated calculation of the number of shares held by the securities company in the same listed company with reference to the shares held by the company, and the relevant provisions such as the disclosure of equity changes and short-term trading shall apply.
Article 18 Market makers may make market quotations by means of price limitation declaration and market price declaration.
Article 19 The cumulative declared quantity of two-way market makers shall be not less than 1,000 shares.
Article 20 During the consecutive bidding period, market makers in line with the minimum number of quotations on the bid and ask price difference should not exceed 2% or two minimum price change units (whichever is higher).During the collective bidding period, the market maker’s buying and selling price difference on the quotation that meets the minimum declared quantity should not exceed 3% or two minimum price change units (whichever is higher).
The bid/ask spread is calculated as: Bid/ask spread = (Sell price that meets the minimum declared quantity – Buy price that meets the minimum declared quantity)/Sell price that meets the minimum declared quantity × 100%.
Article 21 Market makers who participate in the opening collective bidding shall issue valid bids before 9:20.The number of days of effective quotation participation of market makers during the opening bidding period shall be not less than 50% of the number of days that the stock can be traded in the current month.
Market makers participating in the closing bid should issue a valid bid before 14:58.The number of days of effective quotation participation of the market maker during the closing collection auction period shall be not less than 70% of the number of days that the stock can be traded in the current month.
During the continuous bidding period, the effective bidding time of the market maker shall be not less than 90% of the continuous bidding transaction time.If the quotation after completion of the market maker does not meet the valid quotation requirements, but the valid quotation is resumed within 2 minutes, the supplementary quotation time shall be included in the valid quotation time.
Article 22 The Exchange may, in light of market conditions, make adjustments to the market-making quotation indicators in Articles 19 to 21.
Article 23 Under any of the following circumstances, the market maker shall be correspondingly exempted from the market making quotation obligation:
(1) The best buy price is the increase or stop price or the best bid price is the fall or stop price;
(2) The stocks are temporarily suspended from trading in the market;
(3) Where an over-allotment option is adopted for the public offering of shares, the authorized lead underwriter shall be exempted from the obligation to quote the shares within 30 natural days from the date of listing on the Exchange;
(4) Where the market maker holds less than the minimum quotation requirement for stocks in stock, it may be exempted from the obligation to sell the quotation, but the two-way quotation shall be resumed within one trading day after the occurrence of the situation;
(5) other circumstances as determined by the Exchange.
After the circumstances of items (1) to (3) of the preceding paragraph disappear, the market maker shall immediately resume the quotation for market making.
Article 24 Under any of the following circumstances, the Exchange may, according to the market conditions or the application of the market maker, exempt the market maker from the market making quotation obligation accordingly:
(1) In the event that a listed company makes a relevant announcement on the circumstances that may be subject to a delisting risk warning, may be terminated from listing, or may voluntarily terminate the listing, or the Exchange imposes a delisting risk warning on the stocks of a listed company, the Exchange may decide to exempt the market maker from the obligation to make a market quotation based on the application of the market maker;
(2) Where a market maker is unable to fulfill the obligation of making a market quotation due to system upgrades, the Exchange shall apply to the Exchange at least 1 trading day in advance, and the Exchange may decide to exempt the market maker from the obligation of making a market quotation based on the application of the market maker;
(C) due to force majeure, unexpected events or major technical failures caused by market makers can not continue to fulfill the obligation of market quotation, the Exchange may decide to exempt market makers from market quotation obligations according to market maker applications or market conditions.
Where a market maker is exempted from the obligation of making market quotations due to the above circumstances, it shall, after receiving the notice from the Exchange, make an announcement to the market through the prescribed information disclosure platform.After the above situation disappears, the market maker shall immediately resume the market quotation.
Article 25 The Exchange shall regularly conduct market maker evaluations based on market-making indicators, market-making performance and regulatory compliance, and make announcements to the market.In the event of severe fluctuations or other special circumstances in the market, the Exchange may decide not to evaluate the market making situation of the market maker within a certain period of time, and make an announcement to the market.
Article 26 The Exchange may, on the basis of the evaluation results of market makers, grant appropriate transaction fee reductions and incentives to market makers who are actively engaged in market making business.
Chapter IV Supervision and Administration
Article 27 Market makers shall establish a risk prevention and business isolation system, effectively isolate the market trading business from businesses that may have conflicts of interest, and prevent the improper flow and misuse of sensitive information.Market makers shall not use the market-making trading business to seek improper benefits and damage the legitimate rights and interests of investors.
Article 28 Market makers shall establish and improve the monitoring mechanism for abnormal transactions, formulate and improve the control of the proportion of the transaction amount, the proportion of the reverse transaction amount, the monitoring of the proportion of withdrawal orders, the limitation of the entrusted price, the handling of abnormal fluctuations in the stock price and other measures to prevent the impact on the stability of the market.
Article 29 Market makers shall submit to the Exchange monthly reports, annual reports and quarterly stress test reports on their stock market making and trading business, as well as other materials prescribed by the CSRC and the Exchange.
Market makers who fail to properly perform their market making quotation obligations, make major business errors, change in senior management responsible for market making and trading business, and other major changes related to market making and trading business shall report to the Exchange in a timely manner.
Article 30 The Exchange may conduct on-site or off-site inspections of market makers according to their market-making performance and regulatory needs. Market makers shall actively cooperate and truthfully provide relevant materials and explanations.
Article 31 Market makers shall abide by the provisions of the Exchange’s business rules when conducting market-making transactions, and shall not engage in abnormal trading practices that affect the normal trading order of stocks.
According to the types of abnormal trading behavior stipulated in the business rules, the Exchange analyzes the abnormal trading behavior of market makers, market influence, market making quotation obligations and other factors, and identifies the abnormal trading behavior of market makers.
Article 32 Where a market maker violates these Rules or any other relevant business rules of the Exchange, the Exchange may, in accordance with the Exchange Rules, the Rules for the Administration of Membership of the Beijing Stock Exchange (for Trial Implementation) and relevant provisions, impose corresponding self-regulatory measures or disciplinary sanctions on it; if it is suspected of violating laws and regulations, it shall report to the CSRC.
Chapter V Supplementary Provisions
Article 33 These Rules shall be interpreted by the Exchange.
Article 34 These Rules shall go into effect as of the date of promulgation.
北京证券交易所股票做市交易业务细则
第一章 总则
第一条 为规范北京证券交易所（以下简称本所）股票做市交易业务，保护投资者合法权益，维护证券市场运行秩序，根据《中华人民共和国证券法》（以下简称《证券法》）、《北京证券交易所交易规则（试行）》（以下简称《交易规则》）及其他相关规定，制定本细则。
第二条 本所上市公司股票的做市交易业务，适用本细则。本细则未作规定的，适用本所其他有关规则的规定。
第三条 本所上市公司股票做市交易业务，是指符合条件的证券公司（以下简称做市商），按照本细则规定和做市协议约定在上市公司股票竞价交易中提供持续双向报价等流动性服务（以下简称做市服务）的业务。
第四条 做市商开展股票做市交易业务，应当严格遵守法律、行政法规、部门规章、规范性文件（以下简称法律法规）、本所业务规则的规定和做市协议约定，不得利用做市交易业务进行内幕交易、操纵市场等违法违规行为或者谋取其他不正当利益，不得利用未公开信息进行交易。
第二章 做市服务申请与终止
第五条 本所会员经中国证券监督管理委员会（以下简称中国证监会）核准取得上市证券做市交易业务资格的，开通本所做市交易权限后，可以向本所备案为特定股票提供做市服务。
第六条 鼓励具备上市证券做市交易业务资格的保荐机构或者实际控制该保荐机构的证券公司在持续督导期间为其保荐股票提供做市服务。
第七条 会员拟开通本所做市交易权限的，需向本所提交下列材料：
（一）做市交易权限开通申请书；
（二）经中国证监会核准取得上市证券做市交易业务资格的证明文件复印件；
（三）做市专用证券账户、做市部门使用的自营证券账户信息；
（四）本所要求提交的其他材料。
第八条 会员提交的做市交易权限开通材料齐备且符合要求的，本所自受理之日起5个交易日内通知申请人签订做市协议，明确开展做市交易业务的相关权利和义务。做市协议签订后，本所为申请人开通做市交易权限，并向市场公告。
做市交易权限开通材料不齐备或不符合要求的，本所不予办理，并在5个交易日内告知申请人。
第九条 做市商主动申请取消本所做市交易权限的，应当至少提前15个交易日书面通知本所，经本所确认后做市交易权限关闭。
第十条 做市商有下列情形之一的，本所可以取消其做市交易权限，并向市场公告：
（一）不再具备上市证券做市交易业务资格；
（二）出现严重违法违规行为；
（三）本所规定或者做市协议约定的其他情形。
做市商被取消本所做市交易权限的，1年内不得重新申请开通。
第十一条 做市商拟加入为特定股票做市的，应当事先向本所提交申请表等本所规定的备案材料。备案材料齐备且符合要求的，本所在3个交易日内予以备案，并通知申请人。申请人应当于收到本所备案通知当日在符合《证券法》规定的信息披露平台（以下简称规定信息披露平台）公告，自公告的次一交易日起可以为相关股票做市。
备案材料不齐备或不符合要求的，本所不予备案，并在3个交易日内告知申请人。
在本所上市前采取做市交易方式的股票，原做市商未申请退出做市且具有经中国证监会核准的上市证券做市交易业务资格、取得本所做市交易权限的，于该股票在本所上市后继续为其提供做市服务。相关做市商应当在股票上市前一交易日在规定信息披露平台公告。
第十二条 做市商拟主动退出为特定股票做市的，应当至少提前2个交易日通知本所，并于收到本所确认通知当日在规定信息披露平台公告，自公告的次一交易日起可以退出为相关股票做市。
做市商主动申请退出为特定股票做市的，退出后6个月内不得重新申请为同一只股票做市；做市商主动申请退出为所有股票做市的，退出后1年内不得重新申请为本所任一股票做市。
第十三条 做市商加入或退出为特定股票做市的，应当按照本所和证券登记结算机构的规定，及时办理股票在做市专用证券账户和自营账户之间的划转。
第三章 做市商权利与义务
第十四条 做市商开展做市交易业务，应当通过专用证券账户和专用交易单元进行。做市专用证券账户应当向本所报备。
做市商不得利用做市专用证券账户开展非做市交易业务，中国证监会及本所另有规定的除外。
第十五条 本所可以根据业务开展情况和市场需求，规定特定股票做市商数量和做市商最低做市期限。
第十六条 做市商开展做市交易业务，可使用自有股票、从中国证券金融股份有限公司借入的股票或者其他有权处分的股票。
做市商通过参与公开发行获取做市股票的，不得使用做市专用证券账户参与战略配售。
第十七条 做市商通过做市专用证券账户持有的上市公司股份原则上应当不超过上市公司已发行股份的5%。
做市商通过做市专用证券账户持有的股份，参照自营持有股份，纳入证券公司持有同一上市公司股份数量合并计算，适用权益变动披露及短线交易等相关规定。
第十八条 做市商可以采用限价申报和市价申报的方式进行做市报价。
第十九条 做市商买卖双向各自累计申报数量应当不低于1000股。
第二十条 连续竞价时段，做市商在符合最低申报数量的报价上的买卖价差应不超过2%或两个最小价格变动单位（孰高为准）。集合竞价时段，做市商在符合最低申报数量的报价上的买卖价差应不超过3%或两个最小价格变动单位（孰高为准）。
买卖价差的计算公式为：买卖价差=（符合最低申报数量的卖出价格-符合最低申报数量的买入价格）/符合最低申报数量的卖出价格×100%。
第二十一条 做市商参与开盘集合竞价，应当于9:20前发布有效报价。开盘集合竞价时段做市商的有效报价参与天数应当不少于该只股票当月可交易天数的50%。
做市商参与收盘集合竞价，应当于14:58前发布有效报价。收盘集合竞价时段做市商的有效报价参与天数应当不少于该只股票当月可交易天数的70%。
连续竞价期间，做市商有效报价时长应当不低于连续竞价交易时长的90%。做市商成交后报价不符合有效报价要求，但在2分钟内恢复有效报价的，补充报价时间计入有效报价时长。
第二十二条 本所可以根据市场情况，对第十九条至第二十一条的做市报价指标进行调整。
第二十三条 出现下列情形之一的，相应豁免做市商的做市报价义务：
（一）最优买价为涨停价或最优卖价为跌停价的；
（二）股票处于盘中临时停牌期间的；
（三）公开发行股票采用超额配售选择权的，被授权的主承销商自股票在本所上市之日起30个自然日内免于履行报价义务；
（四）做市商持有库存股票不足最低报价数量要求的，可以免于履行卖出报价义务，但应在该情形发生后的次一交易日内恢复双向报价；
（五）本所认定的其他情形。
前款第（一）项至第（三）项情形消失后，做市商应当立即恢复做市报价。
第二十四条 发生下列情形之一的，本所可根据市场情况或做市商申请，相应豁免做市商做市报价义务：
（一）发生上市公司就可能被实施退市风险警示、可能被终止上市或主动终止上市等情形作出相关公告，或本所对上市公司股票实施退市风险警示等情形时，本所可以根据做市商申请决定豁免做市商做市报价义务；
（二）做市商因系统升级等导致无法履行做市报价义务的，应提前至少1个交易日向本所提出申请，本所可以根据做市商申请决定豁免做市商报价义务；
（三）因不可抗力、意外事件或者重大技术故障等导致做市商无法继续履行做市报价义务，本所可以根据做市商申请或市场情况决定豁免做市商做市报价义务。
做市商因上述情形豁免做市报价义务的，应于接到本所通知后，通过规定信息披露平台向市场公告。上述情形消失后，做市商应当立即恢复做市报价。
第二十五条 本所根据做市指标、做市绩效和监管合规等情况，定期开展做市商评价，并向市场公告。市场出现剧烈波动或者其他特殊情况的，本所可以决定在特定周期内不对做市商的做市情况进行评价，并向市场公告。
第二十六条 本所可以根据做市商评价结果，对积极开展做市交易业务的做市商给予适当的交易费用减免和激励。
第四章 监督管理
第二十七条 做市商应当建立风险防范与业务隔离制度，将做市交易业务与可能存在利益冲突的业务进行有效隔离，防止敏感信息的不当流动和滥用。做市商不得利用做市交易业务谋取不正当利益、损害投资者合法权益。
第二十八条 做市商应当建立健全异常交易监控机制，制定完善成交金额占比控制、反向交易金额占比和撤单占比监控、委托价格限制、股价异常波动处理等措施，防止对市场稳定造成影响。
第二十九条 做市商应当向本所报送股票做市交易业务月度报告、年度报告和季度压力测试报告，以及中国证监会和本所规定的其他材料。
做市商发生无法正常履行做市报价义务、出现重大业务差错、负责做市交易业务的高级管理人员变动等与做市交易业务相关的重大变化，应当及时向本所报告。
第三十条 本所可以根据做市商做市表现和监管需要，对做市商开展现场或非现场检查，做市商应当积极配合，如实提供相关材料和说明。
第三十一条 做市商开展做市交易业务，应当遵守本所业务规则的规定，不得实施异常交易行为，影响股票正常交易秩序。
本所根据业务规则规定的异常交易行为类型，结合做市商交易行为、市场影响、做市报价义务要求等因素进行分析，对做市商异常交易行为进行认定。
第三十二条 做市商违反本细则或者本所其他相关业务规则的，本所可以根据《交易规则》《北京证券交易所会员管理规则（试行）》及相关规定对其采取相应自律监管措施或纪律处分；涉嫌违反法律法规的，向中国证监会报告。
第五章 附则
第三十三条 本细则由本所负责解释。
第三十四条 本细则自发布之日起施行。