Research On Judicial Determination Of Insider Information Of Futures

With China’s continuous development, social idle cash piles increasingly day by day. Accordingly, the public needs to expand investment channels for the hedge and appreciation of assets. As an important part of market economy, futures exchange market boasts dual roles of price discovery and risk hedge. However, the futures law system in our country remains in the early stage with repeated occurrence of insider dealing, which exerts a tremendous threat and harm to the legitimate interest of public investors. To purify the investment environment, consolidate the public’s investment intention and enthusiasm, and drive and vitalize the social idle cash, it is imperative to conduct constructive researches on judicial determination of insider information in futures exchange, prevent and attach these behaviors.This thesis consists of four parts.In the first part, traits and components will be summarized through examining the scholastic circle’s definitions of insider information in futures exchange. In line with what’s mentioned, insider information in futures exchange refers to. This is followed by a further quotation of Classical Special Relationship Theory, Tipper-Tippee Theory and Misappropriation Theory justifying its judicial determination. At last, the judicial determination principles governing insider information in futures exchange in the current laws are to be analyzed and summarized with a view to shaping the basic approach of judicial determination.In the second part, when it comes to the concept and components of insider information in futures exchange, comparison approach is applied to comment on five influential typical countries, United States, European Union, Great Britain, Germany and France. On this basis, a summary of points for reference is made such as powerful legal supervision, active self-discipline supervision, strict law systems, and open international vision which are worth our absorbing in this filed.The third part gives a probe into the deficiencies of our futures law system. First, the idea and principles governing judicial determination of insider dealing in futures exchange are influenced by official departments with authority. Second, supplement needs to be added to the components of insider information in futures exchange. Third, the institution system in charge of judicial determination in this filed calls for improvement.In the fourth part, three pieces of advice are proposed to better our judicial determination of insider information in futures exchange. To start with, the ideology and governing principles should be molded to make protecting investors’ interests priority. Secondly, nonopenness, the criteria for rational investors and tangibility should be included to constitute insider information in futures exchange. Last, the institution system in charge of judicial determination in this filed should be improved in three aspects:strengthen judicial supervision, loose self-discipline supervision, and use early judicial intervention.