So to speak, since January 4, 2006, the introduction of OTC in the inter-bank spot foreign exchange market, improve the methods of the formation of the central parity of RMB exchange rate, market makers, this will make the RMB exchange rate reform in an era of radical change. Because, OTC, unlike previous bidding transaction, it is a quote driven trade system, refers to the buying and selling transactions in foreign exchange market prices given by market-makers, entrusted by the buyer and the seller does not directly matching clinch a deal, but from the hand of the market maker to buy or sell foreign currency, market makers through continuous business to maintain liquidity in the market, meet the demand of investors trade, and sale price difference. , to say the market maker system can increase market liquidity and maintain price stability and improve the real-time performance of system advantage, thus became a national financial market trading system innovation of the important choice. Such as the OTC trading more than 90% of all foreign exchange transactions. Therefore, the introduction of OTC will bring significant for Ferragamo Belt's foreign exchange market reform. First of all, the introduction of market makers, cheap ferragamo belt in the market is going to change the past trading main body pattern. One is the trading main body entry qualifications must have the strict limit, in order to guarantee the strict credit of market main body, prevent trading main body shall conduct liquidation himself, both sides may occur in the process of credit risk; The second is the trading main body ability is strictly limited, namely must at more than $100 million of foreign exchange funds in order to ensure that both parties in self to be able to have the ability to carry out the liquidation in the event of liquidation; 3 it is to the trading main body past market performance and a corresponding internal risk control requirements, so that the superiority of market main body. Secondly, OTC is a kind of transparent inquiry mechanism. This inquiry bidding way different, its transactions must be based on the transaction both sides of the credit, shall be borne by both parties to the credit risk, and needs to establish bilateral credit can only be traded; The price formation mechanism is by both parties consultation to determine the price rather than by the market bidding to determine; Its settlement is by transaction both sides arrange funds to liquidation not done by the previous transaction settlement center.