期货市场操纵监管:权力配置与介入方式

Supervision of Futures Market Manipulation:Allocation ofPower and Approach of Intervention

期货市场的反操纵法律需要通过高效完善的监管体制来落实,且反操纵监管执法的成本不能超过操纵活动给社会带来的成本。期货市场操纵监管体制的建立和完善主要涉及监管权配置、监管介入的方式和措施等方面的问题。在监管权配置方面,自律监管应当与政府监管相结合,并将自律监管定位为操纵监管的一线力量,政府监管则作为自律监管的重要补充与外部约束。在监管介入的方式与措施方面,则包括事后基于损害的惩罚型监管,事前通过制度设计实现的预防型监管,以及事中通过市场干预实现的干预型监管。惩罚型监管需要与预防型监管、干预型监管结合起来,才能实现对期货市场操纵的有效规制,其中特别强调干预型监管介入应当以一定的原则和限度为基础。

The anti-manipulation law of futures market needs to be implemented through efficient and perfect supervision system,and the cost of anti-manipulation supervision and enforcement should not exceed the cost of manipulation activities to the society.The establishment and improvement of the supervision system of futures market manipulation mainly involve the allocation of supervision authority,the way of supervision intervention and the supervision measures.In terms of the allocation of supervision authority,self-regulation should be combined with government regulation,and self-regulation should be positioned as a front-line force to manipulate regulation,while government regulation is an important supplement and external constraint of self-regulation.In terms of the ways and measures of supervision intervention,it includes the punitive supervision based on damage after the event,the preventive supervision through institutional design before the event,and the interventional supervision through market intervention in the event.In order to realize the effective regulation of futures market manipulation,the punitive supervision should be combined with preventive supervision and interventional supervision.It is especially emphasized that the interventional supervision should be based on certain principles and limits.