跨市场操纵的行为模式与法律规制

Behavior Patterns and Legal Regulation of Intermarket Manipulation

跨市场操纵,是指操纵的行为和结果涉及两个或两个以上具有直接价格影响关系的市场的操纵形式。跨市场操纵的行为模式包括市场力量型操纵和价格关联型操纵两种典型形态。应当在《期货法》价格操纵的具体条款中规定市场力量型操纵的相关规则,在《期货法》和《证券法》中以一般条款的形式规定价格关联型操纵的相关规则,并通过监管细则把规制范围进一步扩展到一般性的相关市场之间的价格关联型操纵情形。市场力量型操纵在一般形态下适用价格操纵的四个构成要件,在试图操纵的形态下只需要两个构成要件。构成价格关联型操纵需要三个要件,其中对操纵行为的判断既可以适用价格操纵的构成要件,也可以适用欺诈操纵的构成要件。

Intermarket manipulation refers to the form of manipulation whose behaviors and outcomes involve two or more than two markets with direct price influence relationship.Behavior patterns of intermarket manipulation include two typical forms:market power manipulation and price correlative manipulation.There should be specific provisions of price manipulation in Futures Act which provide rules of market power manipulation.And rules of price correlative manipulation should be provided by general provisions in Futures Act and Securities Act.In addition,the scope of regulation can be further extended to price correlative manipulation between general related markets by the way of regulatory rules.The four requirements of price based manipulation are needed to establish a market power manipulation in its general form,while only two requirements are needed in its form of attempted manipulation.It needs three requirements to establish a price correlative manipulation.Among them,when judging manipulative conduct,not only the constitutive requirements of price based manipulation,but also the constitutive requirements of fraud based manipulation can be applied.