地下期貨交易之法律適用與期貨交易秩序內涵之研究

A Study on Legal Applicability of Off-Exchange Futures Trading and Futures Trading Discipline

本文所稱地下期貨交易，乃行為人或以顯示自己為期貨商之名義，以台指期為標的，就其變動，與客戶進行空中交易之行為。在司法實務上，地下期貨交易應適用刑法第268條抑或期貨交易法第112條，存在著不同的見解。本文認為該爭議係源於實務界對刑法第268條與期貨交易法第112條構成要件內涵認知不一致。本文試圖從法條保護法益內涵，以及法律概念之間的關聯性，分析地下期貨交易是否適用於相關法條，並探究競合時應如何論處，作為未來實務之參考；本文並參考國際清算銀行文件與國外相關立法例，對期貨交易秩序內涵作再建構，總結出期貨交易法第112條法律詮釋與修法之建議。

The term 'off-exchange futures trading' as used in this article refers to any unenforceable agreements between a trader, sometimes posing as a futures commission merchant, and a customer to speculate on variations in TAIEX Futures. From a legal perspective, off-exchange futures trading is governed either by Article 268 of the Criminal Code or by Article 112 of the Futures Trading Act; these two laws have quite different interpretations as to how off-exchange futures trading constitutes a violation of law. This article attempts to analyze the applicability of the above laws on off-exchange futures from the perspectives of legally protected interests and relevance to certain legal concepts, while providing arguments based on Game Theory to serve as a practical reference. This article also draws references from Bank for International Settlements documents and laws of other countries to determine how futures trading discipline can be rebuilt, and to recommend new interpretations and amendments to Article 112 of the Futures Trading Act.