美国期货法上的反操纵制度研究

Anti-Manipulation Rule in the Commodity Exchange Act of U.S.

打击操纵是期货立法与监管的首要任务。美国期货法和CFTC监管规则从准确认定操纵、采取防范措施、进行有效监管、追究法律责任等四个方面来实现这个任务。认定操纵的四个要件是操纵能力、主观意图、人为价格、因果关系。防范措施主要有交易量和头寸限制、将防止操纵作为期货品种上市的条件等;有效监管依赖于监管机构广泛的反操纵监管权,包括中止与撤销相关资格、修改交易所的规则、紧急状态处置、市场禁入等禁止措施;操纵的法律责任包括民事责任和刑事责任等多重责任。

In order to find manipulation, the court or regulators must screen the transactions whether possessing manipulate ability, intention, artificial price and causation. In order to prevent manipulation, the CEA and CFTC regulations prescribe account surveillance, transaction and position limitation, designation contracts market only when board of trade qualifies for prevention of manipulation ; To empower the regulator of futures shall lie on comprehensive anti-manipulation power, such as action to enjoin or restrain violations, injunction or restraining order, writs or other orders, action by Attorney General, communication, alter or supplement rules of trade and terms or conditions in contracts of sale, emergency powers, ban of markets access, and so on; The legal liabilities contains civil liability and criminal liability,and so on.