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Abstract The two principal trading systems in security markets are competing system and market making system. Based on the representative internationally literatures, our finding is as follows, as far as the relationship between trading systems and the bid-offer spreads is concerned, the bid-offer spreads in competing system are smaller than those in market making system; in term of the transaction costs of the security- trading systems, the transaction cost of competing system is smaller than that of market making system. Considering the trends of trading systems in the securities markets internationally, we can draw a conclusion that the “mixed trading system” may be the future model of security trading systems.
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Received: 08 May 2007
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2008, Vol. 1 
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