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.