跨市場操縱的行爲模式與法律規制

Behavior Patterns and Legal Regulation of Intermarket Manipulation

跨市場操縱，是指操縱的行爲和結果涉及兩個或兩個以上具有直接價格影響關係的市場的操縱形式。跨市場操縱的行爲模式包括市場力量型操縱和價格關聯型操縱兩種典型形態。應當在《期貨法》價格操縱的具體條款中規定市場力量型操縱的相關規則，在《期貨法》和《證券法》中以一般條款的形式規定價格關聯型操縱的相關規則，幷通過監管細則把規制範圍進一步擴展到一般性的相關市場之間的價格關聯型操縱情形。市場力量型操縱在一般形態下適用價格操縱的四個構成要件，在試圖操縱的形態下只需要兩個構成要件。構成價格關聯型操縱需要三個要件，其中對操縱行爲的判斷既可以適用價格操縱的構成要件，也可以適用欺詐操縱的構成要件。 Intermarket manipulation refers to the form of manipulation whose behaviors and outcomes involve two or more than two markets with direct price influence relationship. Behavior patterns of intermarket manipulation include two typical forms: market power manipulation and price correlative manipulation. There should be specific provisions of price manipulation in Futures Act which provide rules of market power manipula­tion. And rules of price correlative manipulation should be provided by general provisions in Futures Act and Securities Act In addition, the scope of regulation can be further extended to price correlative manipulation between general related markets by the way of regulatory rules. The four requirements of price based manipu­lation are needed to establish a market power manipulation in its general form, while only two requirements are needed in its form of attempted manipulation. It needs three requirements to establish a price correlative manipulation. Among them, when judging manipulative conduct, not only the constitutive requirements of price based manipulation, but also the constitutive requirements of fraud based manipulation can be applied.

Intermarket manipulation refers to the form of manipulation whose behaviors and outcomes involve two or more than two markets with direct price influence relationship. Behavior patterns of intermarket manipulation include two typical forms: market power manipulation and price correlative manipulation. There should be specific provisions of price manipulation in Futures Act which provide rules of market power manipula­tion. And rules of price correlative manipulation should be provided by general provisions in Futures Act and Securities Act In addition, the scope of regulation can be further extended to price correlative manipulation between general related markets by the way of regulatory rules. The four requirements of price based manipu­lation are needed to establish a market power manipulation in its general form, while only two requirements are needed in its form of attempted manipulation. It needs three requirements to establish a price correlative manipulation. Among them, when judging manipulative conduct, not only the constitutive requirements of price based manipulation, but also the constitutive requirements of fraud based manipulation can be applied.