证券期货市场交易型操纵行为主观认定问题探讨——以非市场化交易手段为视角

Identification of Subjective Factors in Trade-based Manipulation in the Securities and Futures Market: from the Perspective of Uneconomic Trading

交易型操纵行为的主观认定不适用于欺诈行为理论,因此无法回避人为价格的界定与验证问题。从美国《商品交易法》的立法与实践来看,非市场化行为扰乱市场供需并"触发"人为价格,可以作为交易型操纵行为主观认定的法律依据,但是在实践中仍需要进一步区分触发人为价格的具体情形。因此,建议构建和运用"触发—目标"因果关系规则,区分"触发行为"类型并测定人为价格的主观成因,以加强对交易型操纵行为的监管与规制。

The fraud behavior theory is not applicable to the identification of subjective factor in trade-based manipulation. The identification thus faces the problems of verification of the artificial price. Under the anti-manipulation statutes in USA, the Commodity Exchange Act is distinguished from Rule10b-5, which is based the fraud theory. In the Act, the artificial price is the basis of identification of the subjective factor. The practice shows that uneconomic trading would disturb the market supply and demand, and cause an artificial price. Empirically, uneconomic trading affecting securities price contains intent. So, it＇s a valid path to distinguish the ＂trigger＂, and prove the causality between ＂trigger＂ and ＂target＂, for a better identification of the subjective and supplement of the anti-manipulation regulatory.