幌骗交易:类型化解释与期货市场操纵规制

Spoofing: Typological Interpretation and Futures Market Manipulation Regulations

幌骗交易主要通过使用计算机软件和算法设计,制造频繁大额报撤等虚假的交易外观,诱导、骗取其他交易者跟进交易进而获利。无论幌骗交易是否形成"人为价格",都侵害了市场正常交易秩序,是市场操纵的特定形态,而不宜望文生义将其等同于期货市场上的欺诈。建议在我国《期货法》立法中从本质上把握幌骗交易的行为特征,并澄清市场操纵的法律内涵,将其纳入市场操纵的规制范围,以克服期货市场监管面临的实践难题。

Spoofing creates false and ostensible transactions such as frequent withdrawals in large amounts through computer software and algorithm designs,to induce and cheat other traders to follow and trade so that the spoofers can make profits.Regardless of whether the spoofing forms an“artificial price”,it violates the normal trading order of the market.Spoofing is a specific form of market manipulation,and it is not appropriate to interpret the term literally and equate it with fraud in the futures market.It is suggested that in the legislation of China s futures law,the behavioral characteristics of spoofing should be grasped in essence and the legal connotation of market manipulation should be clarified,and spoofing should be incorporated into the regulation of market manipulation in order to overcome the practical problems faced by futures market supervision.