论“光大证券事件”中的期货内幕交易

Futures Insider Trading in the Everbright Securities Affair

光大证券在期货市场的交易行为是否构成内幕交易值得深究。从解释论的角度看,证监会的处罚没有说明为何光大证券属于内幕知情人,通过对《期货交易管理条例》第82条第12项的解释,应当认为光大证券作为期货投资者,不属于期货内幕知情人,因而不构成期货内幕交易;从英、美两国的规定看,无论是通过对期货内幕人范围的限定还是规定相应的抗辩事由,比较法上的经验都说明了并非利用重大非公开的信息都可构成内幕交易;分析期货市场的特殊性,可以发现期货市场的主要功能是套期保值,而套期保值者相比于投机者具有不可避免的市场信息优势,为了实现套期保值与市场的流动性,利用信息优势进行期货交易属于期货市场的惯常做法;"光大证券乌龙指事件"给资本市场造成了很大的冲击,但在我国期货监管机构以及交易所对该种异常情形缺乏规定的情况下,其利用信息优势进行套期保值,仍然属于该惯常做法的范围内;若监管机构拟对这类行为进行规制,应该事先制定例外规则,对特定类型的做空交易进行限制。

The present study focuses on whether there is futures insider trading in the Everbright Securities affair. From the perspective of interpretative theory, China Securities Regulatory Commission （CSRC） punished the Everbright Securities yet did not explain why the Everbright Securities should be looked as an insider. According to the article 82 item 12 of the Administrative Regulations on Futures Trading, the present study be- lieves that the Everbright Securities is a futures investor rather than an insider, therefore there was not the so- called insider trading in this case. The regulations in UK and USA, whether concerning the scope of insiders or relevant to the ground for defense, both state that taking advantage of non disclosure information is not always insider trading. Through analyzing the particularity of futures market, we may see that hedging is the main function of future market. Compared to the speculators, the hedgers inevitably possess information superiority in market. In order to achieve hedging and market mobility, it is common to utilize one＇ s information superiority in futures trading. The Everbright Securities affair had a large impact on the capital market; however, due to the lack of regulations on such abnormal situation in our regulatory authority and securities exchange advantage of information superiority to hedge is still a common practice. If the regulatory authority means taking to regulate such behaviors, exception rules shall be formulated in advance, and astrict specific short-selling.