| Shanghai Shenzhen300Index futures was listing in April162010.This is in thehistory of Chinese financial market milestones, the listing of stock index futures was veryimportant for the development of our country’s capital market. Therefore, how to deal withmanipulation of stock index futures will become the most important work of legalresearching in the future.Recently, there was a hot debate about whether the stock index futures could bemanipulated. Some scholar said that it was impossible. But, from the current situation ofour capital market and the experiences of the mature market in the world wide, we can findthat it was very possible to manipulate the stock index future in our country. Especially,because of the situation, such as market is not mature, market regulation is not perfect andthe lagging of the law standardization. So the situation mentioned before will be takenadvantage of by the actor.From the current researching situation, the researching of stock index futures can befound in some journals, but it is hardly to find something related to the researching of legalproblem about stock index futures, especially the legal problem about manipulation ofstock index futures. The former researching related to the stock index futures were moreabout introducing of foundation and how to establish the institution, the researching aboutmanipulation were more from the side of stock market. From the aspect of academicachievements, we can find that the achievement of economics and finance were more thanthe law.This article will discuss how to solve these problems of legal regulations aboutmanipulation of stock index futures from5aspects, such as the concept of manipulation ofstock index futures, recognition criteria, the system of supervising, the method ofsupervising and the institution of punishment.This article has five chapters, the first chapter introduced the concept feature andfoundation of stock index futures, and it also introduced the related theory aboutmanipulation, at last, clarified the reason why we should prevent the manipulation.The second chapter introduced the cognizance standard of stock index futuresmanipulation in our country and other country which in the world wide. It was very goodfor discovering and perfects the disadvantage of cognizance standard about stock indexfutures manipulation in our country. The third chapter analyzed these problems of the legal regulation about stock indexfutures manipulation comprehensively, and pointed out the four main questions, the firstwas lack of the recognition criteria of manipulation of stock index futures, for instance, theexisting law didn’t tell the legal concept of stock index futures manipulation clearly. Themanipulation’s behavior type didn’t be epitomized comprehensively, for example, it hasn’tany regulation about the types of information manipulations and cross-marketmanipulations. At the same time the current law has something wrong with the constitutionabout manipulation of stock index futures. The second the regulatory system was notperfect, because of the unbalance power between the government and self regulatoryorganizations, two of them didn’t play enough in supervising the market manipulation. Thethird was the disadvantage of the methods designed to prevent the stock index futuresmanipulation. The last part pointed out these problems of punishment institution, forexample, the existing law didn’t consider the problem of civil compensation institution andthe punishment institution was not enough to prevent the manipulations.The fourth chapter mainly introduced the related suggestion to solve these problemsmention in chapter three. It suggested that we should through the way of legislation tomake sure the recognition criteria of stock index manipulation clearly, full play the effectof government and self regulatory organization in manipulation supervising, perfect themethods which designed to prevent stock index futures manipulation, increase theadministrative penalty and criminal punishment strength, establish and perfect civilcompensation institution.The last chapter is the key point of the whole article, in this part, will sum up thisarticle completely and clearly.The innovations of the essay are as follows. Firstly, it further identifies the legaldefinition of manipulation of stock index futures based on the former researches. Secondly,like domestic stock market makes Guidelines on Measures for Determining theManipulation of Securities Market in order to effectively prevent the manipulation ofsecurities market, it presents that Guidelines on Measures for Determining theManipulation of Stock Index Futures can be made to sum up various manipulationbehaviors of stock index futures. Thirdly, it proposes information-related illegal behaviorsshould be summed up and further manifests the behavioral patterns of manipulation ofinformation market based on the former researches. Fourthly, it identifies the legaldefinition of cross market manipulation of stock index futures for the first time. Fifthly, itpointed that the administrative penalty should be divided in to many parts strictly and adopted responsibility inversion of evidence in burden of proof in civil compensationinstitution.The research methods mainly adopted in the essay are comparative method, literatureresearch method, and descriptive method.Comparative Method. The futures market in the developed countries was producedearly. After a long time development, it has been more advanced in terms of law system.However, it doesn’t mean that China should apply the legislation and system constructionmechanically.“Stones form other hills may serve to polish the jade of this one.†Thecomparison with existing laws on manipulation behaviors of stock index futures indeveloped countries has great reference significance in perfecting China’s legal regulationson manipulation behaviors of stock index futures.Literature Research Method. The essay collects a large number of literatures relevantto legal regulations on manipulation of stock index futures, which helps to fully grasp theissues to be studied and understand the overall perspective of legal regulations onmanipulation of stock index futures. |
