金融衍生品前端市场操纵行为的法律禁制——以LIBOR操纵案为例

Prohibition of Front-end Financial Derivatives Manipulation——Based on the LIBOR Manipulation Case

随着我国金融衍生品市场的逐步发展,常见于传统金融市场的内幕交易和市场操纵行为,亦在新兴的衍生品市场有了新的表现形式。而在金融衍生品市场的各种操纵行为中,又以将衍生品基础证券作为操纵对象的"前端市场操纵行为"性质最为恶劣、影响最为巨大。这类行为不仅使被操纵证券本身失去了正确反映市场供求关系的基本功能,更"以小博大"地对大量相关金融衍生品进行了操纵,从而导致更大范围的市场失真。以2008年"伦敦银行间同业拆借利率操纵案"为例,着重分析了"前端操纵"行为在行为模式和危害后果上的突出特点,并从金融监管和法律责任两个角度出发,为实现对该类行为的有效法律禁制提供了建议。

With the development of China＇s financial derivatives market, the insider trading and market manipula- tion which are common in the traditional financial market gained their new forms in the derivatives market too. The front end market manipulation behavior which is taking derivatives basis securities as the manipulation object is the most significant and the worst in various manipulation behaviors in the financial derivatives market. Such be-havior not only makes the manipulated securities lose their basic functions of reflecting accurately the market supply and demand, but also manipulates a large number of related financial derivatives, leading to a wider range of market distortion. Based on the 2008 LIBOR case, the authors analyzed the prominent features in behavior pattern and consequence of the front-end manipulation, and they provided suggestions for the effective implementation of the legal prohibition of this type of behavior from two aspects of financial supervision and legal responsibility.