Legal analysis: The market maker system is a kind of market trading system. A legal person with certain strength and credibility acts as a market maker, constantly provides investors with buying and selling prices, accepts investors' buying and selling requirements according to the offered prices, and trades with investors with its own funds and securities, thus providing immediacy and liquidity for the market and realizing certain profits through the bid-ask spread. Simply put: quote a price, and you can buy or sell at this price.

Legal basis: Guidelines for Market Makers in the Inter-bank Foreign Exchange Market

Article 2 The term "market makers in the inter-bank foreign exchange market" as mentioned in these Guidelines refers to the members of the inter-bank foreign exchange market who undertake the obligation to continuously provide buying and selling prices to their members when trading RMB and foreign currency in the China inter-bank foreign exchange market.

Article 3 Market makers in the inter-bank foreign exchange market may make market in spot, forward, swap, option and other foreign exchange markets according to their own market-making ability.

Article 4 Market makers in the inter-bank foreign exchange market shall enjoy the following rights according to law:

(1) Appropriately expand the scope of comprehensive foreign exchange settlement and sale positions and implement more flexible position management.

(2) Get more support in trading system, transaction cost and transaction data;

(3) Having the qualification to apply to the People's Bank of China (hereinafter referred to as the People's Bank) as a primary foreign exchange dealer;

(4) Policy support for innovative business in the inter-bank foreign exchange market.

Article 5 Market makers in the inter-bank foreign exchange market shall perform the following obligations according to law:

(1) To continuously provide the buying and selling prices of RMB in the inter-bank foreign exchange market for major trading currencies within the specified trading time, and the quoted prices are valid trading prices.

(2) The quotation in the inter-bank foreign exchange market shall not exceed the fluctuation range of the exchange rate in the inter-bank foreign exchange market stipulated by the People's Bank of China;

(3) Abide by the self-discipline norms related to the self-discipline mechanism of the foreign exchange market, give full play to the leading role of the market, regulate transactions in the foreign exchange market, conduct transactions in good faith, refrain from engaging in false transactions, and do not manipulate market prices by illegal or other improper means;

(four) to comply with the provisions and requirements of the comprehensive position management of foreign exchange settlement and sale;

(five) actively guide customers to establish a neutral awareness of exchange rate risk, and shall not mislead or induce customers' expectations in marketing;

(six) in accordance with the requirements of the State Administration of Foreign Exchange (hereinafter referred to as the foreign exchange bureau), timely report to the People's Bank of China on the operation and market making of the foreign exchange market.