According to the operating experience of overseas markets, in the stock index option market, the vast majority of investors are buyers of options, and the general market makers have to assume the role of sellers, while the options sellers have huge exposure risks. Market makers must have sufficient strength to bear such risks, and at the same time have sufficient ability to judge market trends and avoid risks.

Qualified market makers have a good grasp of the market, and the royalty prices they quote ultimately need to prevent most buyers from exercising their rights.

Referring to international practice, China's qualification requirements for market makers in the stock index option market should pay attention to the following aspects:

1. Financial strength, including total assets, registered capital, net assets, total margin, background and structure of shareholders, etc.

2. Risk management ability, including correct risk management concept, sound internal control system and sound risk management system.

3, professional technology, to be proficient in futures, options trading rules, procedures and various management methods, grasp the spot fundamental information of related varieties, skilled use of various analytical techniques and trading strategies, with considerable trading operation technology.

According to the above qualification requirements for market makers, and considering the current situation of China's financial market, institutions that may become market makers in the stock index options market in the future include futures companies (with exchange settlement membership) and institutional investors.

Trading mode of gold market maker

Market makers are over-the-counter transactions, and there is no fixed trading place. Gold market makers themselves do not generate prices, but directly introduce prices from the outside and unconditionally accept customers' buying and selling instructions. At present, there is a gold market maker trading model in China, and the paper gold introduced by several major commercial banks is the market maker trading model. Banks or gold dealers directly act as counterparties for all trading participants. Its greatest convenience is the convenience of trading. Investors have a high probability of successful trading at a given price and are less constrained by trading volume. At present, the market maker model adopted by several major domestic commercial banks is 100% full transaction, which is different from the market maker model adopted by London margin trading.