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ADX Market Maker 2014

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ADX Market Maker 2014 www.adx.ae Introduction áeó≤e ﻓﻲ إﻃﺎر ﺳﻌﻲ ﺳﻮق أﺑﻮﻇﺒﻲ ﻟوراق اﻟﻤﺎﻟﻴﺔ ﻟﺘﺜﻘﻴﻒ وﺗﻮﻋﻴﺔ اﻟﻤﺴﺘﺜﻤﺮﻳﻦ ﻋﻤﻮﻣﺎ وﺻﻐﺎرﻫﻢ In pursuit of the continuous efforts to raise the awareness of investors in general and smaller investors in particular and keep them abreast of latest developments, the Abu Dhabi ﺧﺼﻮﺻﺎ، ﻳﺄﺗﻲ ﻃﺮح ﻫﺬا اﻟﻜﺘﻴﺐ ﺿﻤﻦ ﺳﻠﺴﻠﺔ ﻣﻦ اﻟﻜﺘﻴﺒﺎت واﻟﻤﻄﺒﻮﻋﺎت راﺟﻴﻦ أن ﻳﻜﻮن ﻓﻴﻬﺎ Securities Exchange (ADX) issues this booklet as part of a series of publications, hoping that اﻟﻤﻨﻔﻌﺔ ﻟﻠﻤﺘﻌﺎﻣﻠﻴﻦ ﻓﻲ أﺳﻮاق اﻟﺪوﻟﺔ ﺧﺼﻮﺻﺎ، وﻟﻠﻘﺎرئ اﻟﻌﺮﺑﻲ ﻋﻤﻮﻣﺎ. it would be useful to traders and dealers in the UAE Markets in particular, and to Arab readers ﻟﻘﺪ ﺗﻢ اﺧﺘﻴﺎر ﻫﺬا اﻟﻤﻮﺿﻮع ﻣﻦ ﺿﻤﻦ ﻗﺎﺋﻤﺔ ﻣﻄﺒﻮﻋﺎﺗﻨﺎ اﻟﺠﺪﻳﺪة ﻟﻌﺎم 2014 ﻧﻈﺮا ﻫﻤﻴﺘﻪ ﻓﻲ .in general دﻓﻊ ﺣﺮﻛﺔ اﺳﻮاق وﻛﺬﻟﻚ ﺣﺪاﺛﺘﻪ ﻓﻲ اﺳﻮاق اﻟﻤﺎﻟﻴﺔ اﻟﻌﺮﺑﻴﺔ، ﺑﺎ£ﺿﺎﻓﺔ إﻟﻰ ﻗﻠﺔ ﻣﺎ ﻛﺘﺐ ﻋﻨﻪ ﺣﺘﻰ This topic has been selected on the list our of new publications for 2014 because of its importance in the push market movement as ا¨ن. The importance of this topic prompted placing it of the list of our new publications for ﻳﺴﺘﻬﺪف ﻫﺬا اﻟﻜﺘﻴﺐ ﺑﺸﻜﻞ رﺋﻴﺴﻲ ﻓﺌﺔ اﻟﻤﺴﺘﺜﻤﺮﻳﻦ ﻓﻲ اﻟﺴﻮق اﻟﻤﺎﻟﻲ، وﻟﻴﺲ ﻋﻤﻮم اﻟﻨﺎس، due to its role in spurring and stimulating market movement, in addition to its ,2014 وذﻟﻚ ﺑﺴﺒﺐ ﺧﺼﻮﺻﻴﺘﻪ أوﻻ، واﺳﺘﺨﺪاﻣﻪ ﻟﻤﻔﺎﻫﻴﻢ ﻣﻦ اﻟﻤﻔﺘﺮض ﻣﻌﺮﻓﺘﻬﺎ أو ﻣﻌﺮﻓﺔ ﻣﻌﻈﻤﻬﺎ ﻣﻦ .newness in Arab financial markets and for having rarely been written about so far اﻟﻤﺴﺘﺜﻤﺮﻳﻦ اﻟﻤﺘﻤﺮﺳﻴﻦ ﺑﺎﺳﻮاق اﻟﻤﺎﻟﻴﺔ. وﻣﻊ ذﻟﻚ، ﻧﺮﺟﻮ أن ﻳﻜﻮن ﻣﻔﻴﺪا ﻟﻜﺎﻓﺔ اﻟﻤﻬﺘﻤﻴﻦ. The "Market maker" focuses on shares of companies listed in financial markets, noting وﻗﺪ ﺗﻢ اﻟﺘﺮﻛﻴﺰ ﻋﻠﻰ ﺻﺎﻧﻊ اﻟﺴﻮق ﺳﻬﻢ اﻟﺸﺮﻛﺎت اﻟﻤﺪرﺟﺔ ﺑﺎﺳﻮاق اﻟﻤﺎﻟﻴﺔ ﻋﻠﻤﺎ ﺑﺄن ﻫﻨﺎك .that Market Makers are there in other fields, such as currency trading As e-version of this booklet, is available on ADX website: www.adx.ae ﺻﻨﺎع ﺳﻮق ﻓﻲ ﻣﺠﺎﻻت أﺧﺮى ﻣﺜﻞ ﺗﺠﺎرة اﻟﻌﻤﻼت وﻏﻴﺮﻫﺎ. .We hope that this edition would be of use to all investors and traders ﻳﻤﻜﻦ ﻟﻠﻘﺎرئ اﻟﻜﺮﻳﻢ أن ﻳﻘﻮم ﺑﺎﻻﻃﻼع ﻋﻠﻰ اﻟﻨﺴﺨﺔ ا£ﻟﻜﺘﺮوﻧﻴﺔ ﻟﻬﺬا اﻟﻜﺘﻴﺐ ﻣﻦ ﺧﻼل ﻣﻮﻗﻊ ﺳﻮق أﺑﻮﻇﺒﻲ ﻟوراق اﻟﻤﺎﻟﻴﺔ www.adx.ae راﺟﻴﻦ أن ﺗﺘﺤﻘﻖ اﻟﻔﺎﺋﺪة اﻟﻤﺮﺟﻮة ﻣﻨﻪ. 5 4 Market making: A key financial market tool á«dÉŸG ¥ƒ°ùdG äGhOCG øe IóMGh ¥ƒ°ùdG áYÉæ°U Financial markets depend on many pillars and substrates in their operations. Experiences ﺗﻌﺘﻤﺪ اﺳﻮاق اﻟﻤﺎﻟﻴﺔ ﻋﻠﻰ اﻟﻌﺪﻳﺪ ﻣﻦ اﻟﺮﻛﺎﺋﺰ واﺳﺲ ﻓﻲ ﻋﻤﻠﻬﺎ. وﻗﺪ أﻓﺮزت ﺗﺠﺎرب ﻋﺸﺮات ﺑﻞ ﻣﺌﺎت اﻟﺴﻨﻴﻦ derived over tens or hundreds of years markets market operations, gave resulted in many ﻣﻦ ﻋﻤﻞ اﺳﻮاق اﻟﻌﺪﻳﺪ ﻣﻦ اﻟﻤﺨﺮﺟﺎت ﻟﻬﺬه اﻟﺘﺠﺎرب ﻳﺄﺗﻲ ﻓﻲ ﻣﻘﺪﻣﺘﻬﺎ ﺣﻘﻴﻘﺔ أن اﻟﺘﻨﻈﻴﻢ واﻟﺘﺸﺮﻳﻊ واﻟﺮﻗﺎﺑﺔ outcomes, at the forefront of which comes the fact that regulation, legislation, supervision and واﻟﺘﻄﻮﻳﺮ ﻫﻲ اﻟﻤﺤﺎور اﺳﺎﺳﻴﺔ ﻟﻌﻤﻞ اﺳﻮاق اﻟﻤﺎﻟﻴﺔ. .development are the primary axes of financial markets operations وﺑﺎﻟﻨﺴﺒﺔ ﻟﺳﻮاق اﻟﻤﺎﻟﻴﺔ اﻟﻌﺮﺑﻴﺔ ﻓﻬﻲ ﺣﺪﻳﺜﺔ اﻟﺘﺄﺳﻴﺲ ﻓﻲ ﻏﺎﻟﺒﻴﺘﻬﺎ، وﻟﻜﻨﻬﺎ ﻣﻊ ذﻟﻚ ﻗﺪ اﺟﺘﺎزت ﻣﺮﺣﻠﺔ As for Arab financial markets, they are mostly newly established. However, they were able to أﺳﺎﺳﻴﺎت اﻟﺘﻨﻈﻴﻢ واﻟﺮﻗﺎﺑﺔ واﻟﺘﺸﺮﻳﻊ ﻣﺴﺘﻔﻴﺪة ﻣﻦ اﻟﺘﺠﺎرب واﻟﻤﻤﺎرﺳﺎت اﻟﻐﻨﻴﺔ ﻟﺳﻮاق اﻟﻌﺎﻟﻤﻴﺔ، وﻛﺬﻟﻚ ﻣﻦ surpass the phase of basic regulation, legislation and supervision, benefiting from experiences and Market Maker ﺻﺎﻧــــﻊ اﻟﺴــــﻮق practices of international markets, and from lessons learnt throughout their path. However; further اﻟﺪروس واﻟﻌﺒﺮ اﻟﺘﻲ اﺳﺘﻔﺎدﺗﻬﺎ أﺛﻨﺎء ﻣﺴﻴﺮﺗﻬﺎ، وﻟﻜﻦ وﻣﻊ ذﻟﻚ ﻓﺈﻧﻪ ﻻ زال ﻟﺪﻳﻬﺎ اﻟﻤﺰﻳﺪ ﻣﻦ اﻟﺨﻄﻮات ﻋﻠﻰ ﻃﺮﻳﻖ .steps are yet to be taken along the way towards progress and development اﻟﺘﻄﻮﻳﺮ واﻻزدﻫﺎر. The Current development path requires the introduction and inclusion by the markets of new إن ﻣﻦ ﻣﺴﺘﻠﺰﻣﺎت ﻣﺴﻴﺮة اﻟﺘﻄﻮﻳﺮ اﻟﺤﺎﻟﻴﺔ ﺗﻌﺮﻳﻒ واﺳﺘﻴﻌﺎب اﺳﻮاق ﻟﻠﻤﺰﻳﺪ ﻣﻦ ادوات اﻟﻤﺎﻟﻴﺔ وﺧﺎﺻﺔ ﺗﻠﻚ financial tools, particularly those which are more beneficial and less risky. This needs more creative ادوات ﻋﻈﻴﻤﺔ اﻟﻔﺎﺋﺪة وﻗﻠﻴﻠﺔ اﻟﻤﺨﺎﻃﺮ، وﻫﺬا ﻳﺤﺘﺎج إﻟﻰ ﻣﺰﻳﺪ ﻣﻦ اﻓﻜﺎر اﻟﺨﻼﻗﺔ واﻟﻌﻤﻞ اﻟﺪؤوب وﺑُﻌﺪ اﻟﻨﻈﺮ ﻛﻲ ideas, persistence and foresightedness, in order to enrich our markets with more support and new tools to contribute to bridging gaps and enhancing strengthening the position of our markets in the ﻧﺜﺮي أﺳﻮاﻗﻨﺎ ﺑﻤﺰﻳﺪ ﻣﻦ اﻟﺪﻋﺎﺋﻢ وأدوات اﻟﺒﻨﺎء اﻟﺤﺪﻳﺜﺔ ااﻟﺘﻲ ﺗﺴﺎﻫﻢ ﻓﻲ ﻣﻠﺊ اﻟﻔﺮاﻏﺎت اﻟﻨﺎﻗﺼﺔ وﺗﺮﺳﻴﺦ ﻗﻮة وﻣﻜﺎﻧﺔ international arena. أﺳﻮاﻗﻨﺎ ﻋﻠﻰ اﻟﺨﺎرﻃﺔ اﻟﻌﺎﻟﻤﻴﺔ. ,Market making, is the most important tool, among other financial tools needed by our market ﺗﺄﺗﻲ ﺻﻨﺎﻋﺔ اﻟﺴﻮق ﻓﻲ ﻣﻘﺪﻣﺔ ادوات اﻟﻤﺎﻟﻴﺔ اﻟﺘﻲ ﺗﺤﺘﺎﺟﻬﺎ أﺳﻮاﻗﻨﺎ ﺑﻌﺪ أن ﻗﻄﻌﺖ ﻫﺬه اﻟﺼﻨﺎﻋﺔ ﻣﺮاﺣﻞ زﻣﻨﻴﺔ especially that "market making", has made great strides in terms of time and development stages وﺗﻄﻮﻳﺮﻳﺔ ﻛﺒﻴﺮة ﻓﻲ اﺳﻮاق اﺧﺮى، ﺣﻴﺚ أﻧﻬﺎ ﻣﻦ ادوات اﻟﺘﻲ ﺗﺴﺎﻋﺪ ﻋﻠﻰ ﺿﺦ اﻟﺴﻴﻮﻟﺔ ﻓﻲ اﻟﺴﻮق وﻛﺬﻟﻚ ﺗﻌﺰﻳﺰ in other markets, as it helps in pumping liquidity into the market and boosts up the market with اﻟﺴﻮق ﺑﻨﻮﻋﻴﺎت ذات ﻋﻠﻢ وﺧﺒﺮة ﻣﻦ اﻟﻤﺘﻌﺎﻣﻠﻴﻦ. .qualified and experienced dealers Who is the market maker? ﻣﻦ ﻫﻮ ﺻﺎﻧﻊ اﻟﺴﻮق؟ The Market Maker is usually a financial services company, and not an individual person. The ﺻﺎﻧﻊ اﻟﺴﻮق ﻫﻮ ﻓﻲ اﻟﻌﺎدة ﺷﺮﻛﺔ ﺧﺪﻣﺎت ﻣﺎﻟﻴﺔ وﻟﻴﺲ ﺷﺨﺺ ﻓﺮد، ﺗﺘﻠﺨﺺ ﻃﺒﻴﻌﺔ ﻋﻤﻠﻪ ﻓﻲ أن ﻋﻠﻴﻪ أن ﻳﻜﻮن nature of the work of the Market maker, is to always be ready to buy and sell in the financial ﺟﺎﻫﺰا ﺑﺎﺳﺘﻤﺮار ﻟﻠﺒﻴﻊ واﻟﺸﺮاء ﻓﻲ اﻟﺴﻮق اﻟﻤﺎﻟﻲ ﻋﺒﺮ ﺗﻮﻓﻴﺮ ﻋﺮوض أﺳﻌﺎر اﻟﺒﻴﻊ واﻟﺸﺮاء، ﺑﻬﺪف رﺋﻴﺴﻲ وﻫﻮ ﺗﻌﺰﻳﺰ market through quoting both a buy and a sell price, with the aim of improving liquidity and trading movement in the market, particularly for shareholding companies whose shares are traded by the اﻟﺴﻴﻮﻟﺔ وﺣﺮﻛﺔ اﻟﺘﺪاول ﻓﻲ اﻟﺴﻮق وﺧﺎﺻﺔ ﻟﺘﻠﻚ اﻟﺸﺮﻛﺎت اﻟﻤﺴﺎﻫﻤﺔ اﻟﺘﻲ ﻳﻘﻮم ﺻﺎﻧﻊ اﻟﺴﻮق ﺑﺎﻟﺘﺪاول ﻋﻠﻰ Market Maker; in addition to its role in reducing price fluctuations and enhancing market efficiency. أﺳﻬﻤﻬﺎ. ﺑﺎ£ﺿﺎﻓﺔ إﻟﻰ دوره ﻓﻲ ﺗﻘﻠﻴﻞ ﺗﺬﺑﺬﺑﺎت اﺳﻌﺎر وﺗﻌﺰﻳﺰ ﻛﻔﺎءة اﻟﺴﻮق. ,Eventually, the trading movement and price quotations of the shares that have a Marker Maker وﺑﺎﻟﺘﺎﻟﻲ ﻓﺈن ﺣﺮﻛﺔ اﻟﺘﺪاوﻻت وﻋﺮوض اﺳﻌﺎر ﺳﻬﻢ اﻟﺸﺮﻛﺎت اﻟﺘﻲ ﻟﻬﺎ ﺻﺎﻧﻊ ﺳﻮق ﺳﺘﻈﻞ ﻣﺴﺘﻤﺮة ﻃﻴﻠﺔ .will continue throughout the trading session at the financial market ﺟﻠﺴﺔ اﻟﺘﺪاول ﺑﺎﻟﺴﻮق اﻟﻤﺎﻟﻲ. The licensing of the Market Maker, and the conditions and requirements for practicing his وﻳﺘﻢ ﺗﺮﺧﻴﺺ ﻋﻤﻞ ﺻﺎﻧﻊ اﻟﺴﻮق ووﺿﻊ ﺷﺮوط ﻣﺰاوﻟﺘﻪ ﻟﻠﺨﺪﻣﺔ وﻣﺮاﻗﺒﺔ ﻋﻤﻠﻪ ﻣﻦ ﻃﺮف اﺳﻮاق اﻟﻤﺎﻟﻴﺔ activities as well as monitoring of his activities is done by the financial markets and regulatory bodies. واﻟﺠﻬﺎت اﻟﺮﻗﺎﺑﻴﺔ. Market making activities are not limited only to stock markets. Market makers are active in ﺻﻨﺎع اﻟﺴﻮق ﻻ ﻳﻘﺘﺼﺮ ﻧﺸﺎﻃﻬﻢ ﻓﻲ أﺳﻮاق اﺳﻬﻢ ﻓﻘﻂ، ﻓﻬﻨﺎك ﺻﻨﺎع ﺳﻮق ﻓﻲ ﺗﺠﺎرة اﻟﻌﻤﻼت وﺗﺪاول currency exchange and financial derivatives trading, such as options and futures, as well as bonds اﻟﻤﺸﺘﻘﺎت اﻟﻤﺎﻟﻴﺔ ﻣﺜﻞ اﻟﺨﻴﺎرات واﻟﻤﺴﺘﻘﺒﻠﻴﺎت وﺻﻨﺎع ﺳﻮق ﻟﺘﺪاول اﻟﺴﻨﺪات، وﻟﻜﻨﻨﺎ ﺳﻨﻘﺘﺼﺮ ﻫﻨﺎ ﻋﻠﻰ ﺻﻨﺎع trading. However, the focus here will be on Market Makers in stock markets, which are currently اﻟﺴﻮق ﻓﻲ أﺳﻮاق اﺳﻬﻢ ﻓﻘﻂ ﻛﻮﻧﻬﺎ اﻟﺴﺎﺋﺪة ﻓﻲ اﻟﻮﻃﻦ اﻟﻌﺮﺑﻲ. .dominant in Arab countries 7 6 The working mechanisms of the market maker The Market Maker may concentrate on making the market of one or more public shareholding ¥ƒ°ùdG ™fÉ°U πªY äÉ«dBG companies listed in the financial market (i.e. quote buy and sell prices) with the aim of improving liquidity of their shares. There may also be more than one market maker for a listed company. That is why it is not strange to find tens or hundreds of market making companies in some developed ﻣﻦ اﻟﻤﻤﻜﻦ أن ﻳﺮﻛﺰ ﺻﺎﻧﻊ اﻟﺴﻮق ﻋﻠﻰ ﺷﺮﻛﺔ ﻣﺴﺎﻫﻤﺔ ﻋﺎﻣﺔ واﺣﺪة ﻣﺪرﺟﺔ ﺑﺎﻟﺴﻮق أو اﻛﺜﺮ ﻣﻦ ﺷﺮﻛﺔ ﻟﻴﻘﻮم financial markets, such as NASDAQ. ﺑﺼﻨﺎﻋﺔ ﺳﻮﻗﻬﺎ، أي ﻋﺮض أﺳﻌﺎر ﻣﺴﺘﻤﺮة ﻟﺒﻴﻊ وﺷﺮاء أﺳﻬﻤﻬﺎ ﻣﻦ أﺟﻞ ﺗﻌﺰﻳﺰ ﺳﻴﻮﻟﺔ ﻫﺬه اﺳﻬﻢ. وﻳﻤﻜﻦ أﻳﻀﺎ أن ,The Market Maker business prompts it to hold an inventory of stocks of companies it represents ﻳﻜﻮن ﻫﻨﺎك أﻛﺜﺮ ﻣﻦ ﺻﺎﻧﻊ ﺳﻮق واﺣﺪ ﻟﺘﻤﺜﻴﻞ ﺷﺮﻛﺔ ﻣﺪرﺟﺔ واﺣﺪة، وﻟﺬﻟﻚ ﻻ ﻏﺮاﺑﺔ ﻓﻲ أن ﻧﺠﺪ ﺑﺒﻌﺾ اﺳﻮاق اﻟﻤﺎﻟﻴﺔ to enhance its readiness for continuous interference in trading movements. In other words, if any اﻟﻤﺘﻘﺪﻣﺔ ﻣﺜﻞ ﻧﺎﺳﺪاك، اﻟﻌﺸﺮات ﺑﻞ اﻟﻤﺌﺎت ﻣﻦ ﺷﺮﻛﺎت ﺻﻨﺎﻋﺔ اﻟﺴﻮق. investor (trader) wants to buy a big number of stocks and does not find a seller; then, the Market إن ﻣﻦ ﻣﻘﺘﻀﻴﺎت ﻋﻤﻞ ﺻﺎﻧﻊ اﻟﺴﻮق أن ﻳﻤﺘﻠﻚ ﺑﻤﺨﺰوﻧﻪ ﻛﻤﻴﺎت ﻛﺒﻴﺮة ﻣﻦ أﺳﻬﻢ اﻟﺸﺮﻛﺎت اﻟﺘﻲ ﻳﻤﺜﻠﻬﺎ ﻟﺘﻌﺰﻳﺰ .Maker will sell from its inventory ﺟﺎﻫﺰﻳﺘﻪ ﻟﻠﺘﺪﺧﻞ اﻟﻤﺴﺘﻤﺮ ﺑﺤﺮﻛﺔ اﻟﺘﺪاول، ﺑﻤﻌﻨﻰ أﻧﻪ إذا أراد أﺣﺪ اﻟﻤﺴﺘﺜﻤﺮﻳﻦ (اﻟﻤﺘﺪاوﻟﻴﻦ) ﺷﺮاء ﻛﻤﻴﺔ ﻛﺒﻴﺮة ﻣﻦ ,In cases where the market maker does not own the number of shares required to be bought اﺳﻬﻢ وﻟﻢ ﻳﻜﻦ ﻫﻨﺎك ﺑﺎﺋﻊ ﻓﺈن ﺻﺎﻧﻊ اﻟﺴﻮق ﻳﻘﻮم ﺑﻬﺬا اﻟﺒﻴﻊ ﻣﻦ اﺳﻬﻢ اﻟﺘﻲ ﻳﻤﺘﻠﻜﻬﺎ ﺑﻤﺨﺰوﻧﻪ. it may borrow the shares from a third party to execute the sale. That is why the Market Making وإذا ﺣﺼﻠﺖ ﻫﻨﺎك ﺣﺎﻻت ﻋﺪم اﻣﺘﻼك ﺻﺎﻧﻊ اﻟﺴﻮق ﻟﺤﺠﻢ اﺳﻬﻢ اﻟﻤﻄﻠﻮب ﺷﺮاؤه، ﻓﺈﻧﻪ ﻳﺴﺘﻄﻴﻊ اﻗﺘﺮاض Regulation, is accompanied by other regulations related to borrowing and lending which allows the اﺳﻬﻢ ﻣﻦ اﻟﻐﻴﺮ ﻟﺘﻨﻔﻴﺬ اﻟﺒﻴﻊ. وﻟﺬﻟﻚ ﻳﺮاﻓﻖ ﺗﺸﺮﻳﻊ ﻋﻤﻞ ﺻﺎﻧﻊ اﻟﺴﻮق ﺗﺸﺮﻳﻊ آﺧﺮ ﻳﺘﻌﻠﻖ ﺑﺎ£ﻗﺮاض واﻻﻗﺘﺮاض ﺣﺘﻰ .Market Maker revert to this option when necessary Market Maker ﺻﺎﻧــــﻊ اﻟﺴــــﻮق ﻳﺘﻤﻜﻦ ﺻﺎﻧﻊ اﻟﺴﻮق ﻣﻦ ﻣﻤﺎرﺳﺔ ذﻟﻚ إذا ﺗﻄﻠﺐ اﻣﺮ. No doubt that the ownership by the Market Maker of a big number of shares to be ready to ﻻ ﺷﻚ أن ﺿﺮورة اﻣﺘﻼك ﺻﺎﻧﻊ اﻟﺴﻮق ﻟﻜﻤﻴﺎت ﻛﺒﻴﺮة ﻣﻦ اﺳﻬﻢ ﻣﺴﺒﻘﺎ ﻟﺘﻌﺰﻳﺰ ﺟﺎﻫﺰﻳﺘﻪ ﻓﻲ اﻟﺘﺪﺧﻞ ﺑﺎﻟﺴﻮق ﻓﻲ interfere in the market on due time, improves the liquidity of the company whose stock is bought اﻟﻮﻗﺖ اﻟﻤﻨﺎﺳﺐ ﻳﺸﻜﻞ ﺑﺤﺪ ذاﺗﻪ ﻣﺼﺪرا ﻟﺘﻌﺰﻳﺰ ﺳﻴﻮﻟﺔ اﻟﺸﺮﻛﺔ اﻟﺘﻲ ﻳﻘﻮم ﺑﺸﺮاء أﺳﻬﻤﻬﺎ ﺑﺴﺒﺐ ﺣﺮﻛﺔ اﻟﺒﻴﻊ .by the Market Maker as a result of the buying and selling movement واﻟﺸﺮاء. ﻟﻴﺲ ﻣﻦ اﻟﻀﺮوري أن ﻳﻜﻮن ﻟﻜﻞ ﺷﺮﻛﺔ ﻣﺴﺎﻫﻤﺔ ﻋﺎﻣﺔ ﻣﺪرﺟﺔ ﺑﺎﻟﺴﻮق ﺻﺎﻧﻊ ﺳﻮق، ﻓﻬﻨﺎك ﺑﻌﺾ اﺳﻮاق ﻣﺜﻞ .It is not necessary that every listed public shareholding company should have a market maker In some markets, such as London Stock Exchange (“LSE”), companies with very large volumes of ﺳﻮق ﻟﻨﺪن ﻻ ﻳﻮﺟﺪ ﺑﻬﺎ ﺻﺎﻧﻊ ﺳﻮق ﻟﺒﻌﺾ اﻟﺸﺮﻛﺎت ذات أﺣﺠﺎم اﻟﺘﺪاول اﻟﻌﺎﻟﻴﺔ ﺟﺪا ﺣﻴﺚ أن ﻫﺬه اﻟﺸﺮﻛﺎت ﻻ ﺗﺤﺘﺎج إﻟﻰ ,trading have no market makers as they do not need a market maker to inject liquidity as they are ﺻﺎﻧﻊ ﺳﻮق ﻟﻀﺦ اﻟﺴﻴﻮﻟﺔ ﻓﻬﻲ ﺑﻄﺒﻴﻌﺔ اﻟﺤﺎل ﻧﺸﻴﻄﺔ.
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