证券期货市场交易型操纵行为主观认定问题探讨——以非市场化交易手段为视角

发布时间：2018-03-19 00:24

本文选题：交易型操纵　切入点：人为价格　出处：《证券市场导报》2017年08期 　论文类型：期刊论文

【摘要】：交易型操纵行为的主观认定不适用于欺诈行为理论,因此无法回避人为价格的界定与验证问题。从美国《商品交易法》的立法与实践来看,非市场化行为扰乱市场供需并"触发"人为价格,可以作为交易型操纵行为主观认定的法律依据,但是在实践中仍需要进一步区分触发人为价格的具体情形。因此,建议构建和运用"触发—目标"因果关系规则,区分"触发行为"类型并测定人为价格的主观成因,以加强对交易型操纵行为的监管与规制。
[Abstract]:The subjective determination of transactional manipulation does not apply to the theory of fraud, so it cannot avoid the problem of the definition and verification of artificial price. From the point of view of the legislation and practice of the United States Commodity Trading Act, Non-market-oriented behavior disrupts market supply and demand and "triggers" artificial price, which can be used as the legal basis for subjective determination of transactional manipulation, but in practice, it is still necessary to further distinguish the specific circumstances that trigger artificial price. It is suggested to construct and apply the causality rule of "trigger-target", distinguish the type of "trigger behavior" and determine the subjective cause of human price, so as to strengthen the supervision and regulation of transactional manipulation.
【作者单位】：中国社科院金融所博士后流动站;中国证监会博士后科研工作站;
【分类号】：D922.287

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