內線交易再進化：談衍生性金融商品之內線交易

The evolution? A comparative study on the insider trading regulation in derivatives between Taiwan and the US

面對金融市場與衍生性金融商品快速蓬勃發展的現代，各國政府對於衍生性金融商品的監理也面對了重重的考驗，衍生性金融商品為市場提供了價格發現、投機、及避險等功能，但也帶來了原來就已經充滿爭議的內線交易管制的難題；本文先以證券市場與期貨市場為區分，先就我國證券交易法與期貨交易法對於衍生性金融商品涉及內線交易的規範開始討論，再以美國法的證券與期貨市場上內線交易法治發展為研究重心，並佐以利用信用違約交換這樣的衍生性金融商品進行內線交易的案件分析，藉由研究美國法上對於衍生性金融商品內線交易管制的發展，探討我國未來對於衍生性金融商品內線交易管制的困難。

Facing the rapid growth of derivatives over the past few decades, how to regulate andto supervise derivatives becomes a severe challenge for governments in the world. Derivativesprovide the function of price finding, hedging, and speculating, but also bring up thecontroversial issues around insider trading. This article begins the study by reviewing theinsider trading regulations on derivatives within the Securities Exchange Act and the FutureTrading Act in Taiwan. This article then studies the development of insider trading regulationby SEC and TCFC in the U.S., and discusses an insider trading case by trading Credit DefaultSwap. This article conducts a comparative study on the regulation on insider trading byderivatives in Taiwan and the U.S. and rethinks the difficulties in regulating insider tradingon derivatives in Taiwan.