德国最高法院对“抢帽子交易"案的判决及其启示

Verdict of Scalping in Germany

如何界定“抢帽子交易”的法律性质,在各国证券界一直存在争议。2003年德国联邦最高法院对斯图加特“抢帽子交易上诉案”作出判决,裁定“抢帽子交易”不是内幕交易,而是市场操纵。这一判决无论是对德国司法实践还是对德国证券法学理论都具有极其重要的意义。本文以德国联邦最高法院的判决书和相关法律资料为基础,简要介绍了案情、一审判决和联邦最高法院的判决,详细阐述了联邦最高法院将“抢帽子交易”裁定为市场操纵的依据,并论述了该案例可对我国证券立法和执法提供的启发和借鉴意义。

How to define the legal nature of scalping remains a disputable issue in the world securities industry. In 2003, German federal supreme court made a ruling on the scalping case that they were guilty of market manipulation rather than insider trading. This verdict was of great implication to judicial practice as well as securities legal theory in Germany. The paper makes a review of the case, which clarifies the bases of this verdict and its implication to securities legislation and enforcement in China.