现货交易场所乱象的法律应对

Legal Countermeasures to the Chaos in Spot Market Exchanges

近年来,在现货延期交易及分散式柜台交易的推波助澜下,现货交易所乱象丛生,主要表现为非法期货交易、欺诈客户、违规增加交易品种等。面对现货交易场所的乱象,应从立法、执法、司法三个维度进行治理。其中,立法层面应建立统一登记结算制度,明确交易场所及居间公司的法律责任,建立合格投资者制度,同时发挥同业公会力量;执法层面应发挥金融办的核心监管作用;司法层面应扫除诉讼程序潜在障碍,限制仲裁条款效力,充分运用代表人诉讼。

In recent years,under the impetus of spot deferred trading and decentralized counter trading,spot exchanges have become chaotic,mainly manifested as illegal futures trading,fraud against customers,and illegal increase in trading varieties.Faced with the chaos in spot trading markets,the law should be governed from the three dimensions of legislation,law enforcement and justice.Among them,on the legislative level we should establish a unified registration and settlement system,clarify the legal responsibilities of trading venues and residential companies,establish a qualified investor system,and at the same time bring into play the strength of the trade associations;On the level of law enforcement,we should play the central regulatory role of the Office of Financial Service;On the judicial level,we should remove potential obstacles to litigation,limit the effectiveness of arbitration clauses,and make full use of representative litigation.