期货市场反操纵监管问题研究

Research on Anti-Manipulation Supervision in Futures Market

期货市场具有价格发现和套期保值的功能,而操纵行为会扭曲市场正常运行。我国期货行业尚未立法,执法行为面临法律依据缺失、法意不明确等困扰。民事赔偿责任缺位会损害投资者利益,也会造成市场操纵成本偏低。加快期货立法,完善违规、违法和犯罪定义及其相应惩罚措施,对期货市场健康有序发展有重要意义。本文初步分析了期货市场操纵行为的类型,并通过比较国内外期货市场反操纵监管法规,提出完善我国期货市场反操纵监管的建议。

The futures market provides the functions of price discovery and hedging,while manipulation can distort the normal operation of the market.China’s futures industry has not yet legislated,and law enforcement is faced with problems such as lack of legal basis and unclear legal meaning.The absence of civil liability will not only harm the interests of investors,but also cause low cost of market manipulation.Speeding up the futures legislation,improving the definition of violation of laws and regulations and their corresponding punishment measures are of great significance to the healthy and orderly development of the futures market.This paper makes a preliminary analysis of the types of futures market manipulation,and puts forward some suggestions on how to improve the supervision of China’s futures market by comparing the anti-manipulation regulations of futures market at home and abroad.