金融基准操纵:垄断、欺诈与法典化——兼论对《刑法》182条操纵证券期货市场罪的补充

发布时间：2018-04-22 18:15

本文选题：Libor + WM/R汇率　；参考：《上海金融》2017年07期

【摘要】：Libor及WM/R汇率指数代表了金融基准产生的两种机制:通过报价产生与通过真实交易产生。在金融基准被法律文件明确援引的情况下,基准已不再是提示价格的一种"信息"或"参照",这使得金融基准具有的"合同硬相关"等属性。金融基准操纵突破了传统理论界对"市场操纵"、"价格操纵"的认识,也对现有以"欺诈"为要件的监管法律框架提出了挑战。金融消费者由于报价行合谋而遭受的垄断损失是否有资格获得民事赔偿?如果金融基准就是法律意义上的"价格",那么现有针对价格操纵的法律规制能否对金融基准操纵直接适用?在改革路径上,像欧盟立法一样,要求增加金融基准计算数据的客观性、如以回购利率替代报价利率能否有效预防操纵?还是参照美国《商品交易法》第9条第1款建立"价格报告规则"从而将"价格"进行细化、对任何"影响价格"的行为都认定为违法、更能有效打击犯罪?本文将试图回答这些问题,并基于国际金融风险外溢性突出的考虑,建议我国《刑法》前瞻性地新增"操纵市场基准罪"。
[Abstract]:The Libor and WM/R exchange rate index represent two mechanisms of financial benchmark generation: through quoted price and through real transaction. When the financial benchmark is explicitly invoked in the legal documents, it is no longer a kind of "information" or "reference" to prompt the price, which makes the financial benchmark have the attributes of "contract hard correlation" and so on. Financial benchmark manipulation breaks through the traditional theoretical circle's understanding of "market manipulation" and "price manipulation", and challenges the existing regulatory legal framework of "fraud". Are financial consumers eligible for civil compensation for monopoly losses suffered by collusion of quoting firms? If the financial benchmark is the "price" in the legal sense, can the existing legal regulation on price manipulation be directly applicable to the financial benchmark manipulation? On the path of reform, like EU legislation, would it be effective to prevent manipulation by requiring more objectivity in financial benchmark calculations, such as the replacement of quote rates with repo rates? Or is it more effective to crack down on crime by establishing "price reporting rules" in accordance with section 9, paragraph 1, of the United States Commodity Exchange Act, so as to refine "prices" and make any "price impact" illegal? This article will try to answer these questions, and based on the outstanding international financial risk spillover considerations, it is suggested that our country's Criminal Law should add the crime of "manipulating the benchmark of the market" forwardly.
【作者单位】：华东政法大学;
【分类号】：D924.3

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