“幌骗交易”的规范理解与司法适用

Normative Understanding and Judicial Application of Spoofing

“幌骗交易”操纵证券市场行为的实质是使得证券、期货价格发生扭曲,不能反映金融市场正常的供求关系。前期建仓、非法软件开发和接入是幌骗交易的预备行为,反向交易不是幌骗交易行为的组成部分。幌骗交易的因果关系判断应当以行为人的申报量为重点,同时也需要明确行为人违法所得的计算。幌骗交易行为人主观上存在故意影响交易价格和交易量的行为,属于短缩的二行为犯,有反向交易牟利的目的。

The essence of the act of manipulating securities market through spoofing is to distort the prices of securities and futures,which cannot reflect the normal supply and demand relationship in the financial market.Pre-opening,illegal software development and access are preparatory acts of spoofing,while opposite trade is not a constituent part of spoofing.The causal judgement of spoofing should focus on the amount declared by the perpetrator,meanwhile the perpetrator’s illegal gains also need to be confirmed.The act of deliberately affecting the transaction price and trading volume subjectively by the perpetrator of spoofing is an incompletely two-conduct crime which has the purpose of opposite trade for profit.