美国“幌骗”案例的监管处罚与司法审判实践

发布时间：2018-01-19 19:15

本文关键词： 幌骗市场操纵《多德弗兰克法案》程序化交易市场监管　出处：《证券市场导报》2017年05期 　论文类型：期刊论文

【摘要】：近年来,伴随典型幌骗(Spoofing)案例在媒体聚光灯下的不断曝光,"幌骗"这一名词引起业界和社会公众的广泛关注。美国证券期货监管机构和司法机构对幌骗这一依托程序化交易技术的新型违法行为,已进行了多年的监管和立法方式探索。《多德弗兰克法案》生效至今,美国证券期货市场有近十起涉及幌骗行为的行政处罚或司法诉讼。本文对美国期货市场禁止幌骗的法律演变历程进行了梳理,论述了促使美国针对幌骗行为单独修法立规的原因;整理了美国监管机构和法院处罚的典型幌骗案例;从规制幌骗行为的立法方式、监管方式、认识层面等角度总结了美国监管和司法机构应对幌骗行为的经验,并对我国如何应对幌骗行为的立法和监管层面提出了建议。
[Abstract]:In recent years, along with the typical spoofing case in the media spotlight has been exposed. The term "spoofing" has aroused the widespread concern of the industry and the public. U. S. securities and futures regulators and judicial institutions have committed a new type of illegal behavior that relies on procedural trading techniques. Years of regulatory and legislative exploration. The Dode Frank Act has been in force ever since. There are nearly ten cases of administrative punishment or judicial litigation involving swindling in the securities and futures market of the United States. This paper combs the legal evolution of the prohibition of fraud in the futures market of the United States. This paper discusses the reasons that urge the United States to amend the laws and regulations separately in view of the swindle behavior in the United States. Collate the typical fraud cases of American regulators and courts; From the aspects of legislation, supervision and cognition, this paper summarizes the experience of American supervision and judicial institutions in dealing with spoofing. It also gives some suggestions on how to deal with the legislative and regulatory aspects of cheating in China.
【作者单位】：中国金融期货交易所研发部;
【分类号】：D971.2;DD912.29
【正文快照】： 当程序化交易的浪潮逐渐席卷全球证券期货市场之时,依托于计算机技术的违法违规行为也在悄然滋生,幌骗(S p o o f i n g)就是其中一类典型。从被引渡受审的“闪电崩盘”交易员S a r a o到刚被判处三年有期徒刑的Coscia,再到美国司法部正在进行刑事侦查的Oystacher,这些一个接

【相似文献】