关于证券、期货市场技术交易行为刑法规制的思考

证券、期货市场技术交易行为包括利用决策技术优势的量化交易行为与利用执行技术优势的程序化交易行为。高频交易属于程序化交易的典型类型。技术交易存在同质化风险、流动性风险以及系统性风险。判断技术交易行为是否构成操纵证券、期货市场罪,首先需要明确兜底条款的适用规则,并对操纵证券、期货市场行为的本质进行分析。操纵证券、期货市场罪兜底条款的适用需要严格坚持同质解释规则。操纵证券、期货市场行为的本质系滥用优势地位并控制市场。部分高频交易行为属于操纵证券、期货市场罪的实行行为,可以通过兜底条款入罪。量化交易行为可能对相关操纵行为的社会危害性具有加强作用,但行为本身难以归入操纵证券、期货市场罪的规制范围。应在前置法中建立针对技术交易行为的事前监管机制与事中监管机制,并在刑法中增设滥用技术优势操纵证券、期货市场的行为类型。

Technical trading behavior in securities and futures markets includes quantitative trading that leverages decision-making technology advantages and programmatic trading that leverages execution technology advantages.High-frequency trading is a typical type of programmatic trading.Technical trading involves risks of homogenization,liquidity,and systemic impact.To determine whether technical trading behavior constitutes the crime of manipulating securities and futures markets,it is first necessary to clarify the applicable rules of fallback clauses and analyze the essence of market manipulation.The application of the fallback clause for manipulating securities and futures markets requires strict adherence to the rule of homogeneous interpretation.The essence of manipulating securities and futures markets lies in abusing advantageous positions to control the market.Some high-frequency trading behaviors constitute the crime of manipulating securities and futures markets and can be criminalized through fallback clauses.Quantitative trading behavior may reinforce the social harm of related manipulative behavior,but the behavior itself is difficult to be classified under the crime of securities and futures markets manipulation.It is necessary to establish pre-emptive and in-process regulatory mechanisms for technical trading behavior in existing laws and to add categories in criminal law for behaviors that abuse technological advantages to manipulate securities and futures markets.