光大乌龙指事件的再思考——从杨剑波诉证监会案说起

Reflection on Fat Finger Incident of Everbright Securities—— A Case study of Yang Jianbo suing China Securities Regulatory Commission

光大乌龙指事件除了引起证券市场巨震外,还有附带的需加以研究的价值。围绕着证监会对杨剑波等作出的行政处罚及市场禁入的决定是否正确、内幕信息、内幕交易如何界定等问题,杨剑波诉证监会案一审、二审轮番上演。该案所折射出的内幕交易界定问题值得分析,而乌龙指事件的发生对加紧完善我国证券市场亦有重要的警示意义。

The fat finger incident of Everbright Securities not only caused a huge turbulence in security market,but also brought vast research value. The first and second instance of the case of Yang Jianbo suing China Securities Regulatory Commission（ CSRC） were successively tried,concerning the problems that whether it is correct for CSRC to impose administrative punishment on Yang Jianbo,and to take measures of prohibiting him from entry into the securities market,and that how to define insider information and insider trading. The definition of insider trading reflected by this case is worthy to be analyzed. Besides,the fat finger incident is also a critical warning in improving of the securities market in China.