期货内幕交易处罚中“违法所得”的认定——以光大案为例

The Determination of “Illegal Gains” in the Punishment of Futures Insider Trading

光大证券是目前我国证监会作出的唯一一个涉及期货市场内幕交易的行政处罚对象。其作为期货市场的套期保值者,做空股指期货的行为不构成对内幕信息的利用。即使按照证监会的认定,光大证券做空股指期货的行为构成内幕交易,也不应以盯市盈利的方法计算光大违法所得。根据《企业会计准则》的规定,应以光大证券实际盈利作为其违法所得,由此引发对期货内幕交易处罚中"违法所得"计算的认定,以及《期货交易管理条例》中内幕交易分段罚款合理性的质疑。

Up to now Everbright Securities is the only object of administrative punishment issued by China Securities Regulatory Commission (CSRC) involving insider trading in futures market. As a hedge in futures market, shorting stock index futures of Everbright Securities does not constitute the use of insider information. In addition, according to CSRC's determination criteria, even if insider trading activity was proved to be true, it is not appropriate for CSRC to apply Mark-to-market |Accounting Rule to calculate the illegal gains of Everbright Securities. Instead, CSRC shall take the actual profits of Everybright Securities as the illegal gains in accordance with Accounting Standards for Enterprises. By analyzing the case of Everbright Securities, this article questions whether the punishment from Administrative Regulations on Futures Trading is rational in determining “illegal gains” in the punishment of futures insider trading.