基于价格影响的期货市场操纵规制理论:反思与重构

Price Influence-based Theory on the Regulation of Futures Market Manipulation

在基于价格影响的期货市场操纵规制理论中,操纵被定义为故意制造人为价格的行为。人为价格的判断依赖于替代的价格标准,即执法实践中经常采用的参照系比较方法。这种判断方法不仅证明困难,且在行政处罚听证会或法庭辩论中容易受到质疑,导致期货市场操纵问题上的监管无力。要改变此种状况,首先,在判断操纵行为是否造成人为价格时,所关注的重点应当是影响市场价格的力量和因素,而非操纵行为造成的价格是否偏离了正常供求力量下应有的价格水平。其次,应当将意图作为操纵的核心要件,运用价格影响测试的分析框架,以行为人的不正当行为和其他直接或间接证据为支撑,并辅以经济或经验分析等方法进行综合判断。最后,当行为人的操纵行为未造成或未能证明造成人为价格时,引入试图操纵进行规制。

Under the price influence-based theory of regulation of futures market manipulation, manipulation is defined as the behavior of deliberately creating artificial price. The judgment of artificial price depends on the alternative price standard, that is, the comparison method of reference frame often used in law enforcement practice. This judgment method is not only difficult to be proved, but also so vulnerable that can be challenged in administrative penalty hearings or court debates, resulting in weak supervision of futures market manipulation. To change this situation, first of all, when judging whether manipulation causes artificial price, the focus should be on the forces and factors affecting market prices, rather than on whether the price caused by manipulation deviates from the level expected under the normal forces of supply and demand. Secondly, intent should be regarded as the core element of manipulation, and the analytical framework of price impact test should be used to make a comprehensive judgment supported by the actor’s improper behavior and other direct or indirect evidences and supplemented by economic or empirical analysis. Finally, when the actor’s manipulative behavior has not caused or could not be proved to have caused artificial price, the regulation of attempted manipulation should be introduced.