摘要
跨市场操纵的经济机理是基础资产与衍生金融商品之间的价格关联。价格关联操纵行为在跨市场交易中达到支配性地位的,构成价量垄断操纵,轧空和恶意做空是两种不同交易方向的跨市场操纵。解释跨市场操纵的经济机理有助于明确跨市场操纵监管原则,从强化卖空交易信息披露、严控利益冲突、完善衍生品市场操纵与程序化交易监管等方面,提升资本市场效率与证券监管效率。
The economic mechanism of cross-market manipulation is price correlation between the underlying assets market and financial derivatives market. The price correlation manipulation becomes manipulation of price and trading volume control when the manipulative trading acquires the dominant position in cross-market trade. Comer and vicious short selling are two different trading directions of cross-market manipulations. The deconstruction of cross-market economic mechanism facilitates to summarize the regulatory rules of cross-market manipulation, thereby, enhances the efficiency of capital markets and securities regulations by reinforcing information disclosure of short selling, strictly controlling conflicts of interests, and improving anti- manipulation of derivatives market and reeulation of aleorithm tradine.
出处
《证券市场导报》
CSSCI
北大核心
2015年第12期4-14,共11页
Securities Market Herald
基金
中国法学会课题<互联网金融风险及法律规制研究>(CLS2014Y05)
"华东政法大学博士毕业后续发展支持计划"的阶段性成果
关键词
跨市场操纵
价格关联
恶意做空
程序化交易
cross-market manipulation, price correlation, vicious short selling, algorithm trading
