The Improvement Of Legal Regulation On The Manipulative Behavior At Stock Index Futures Market

Although the case of "8.16 Everbright fat-finger" has been identified as the insider trading by the CSRC, the nature of the case still remains highly disputed among the theorists. This not only exposed the backwardness of our laws in response to the financial derivative markets in China, but also showed the theorists’ inadequate knowledge and unders tanding on stock index futures market manipulation.Since the official listing of the Shanghai and Shenzhen 300 index in 2010, regulators have not investigated a stock index futures market manipulation. In academia there is little research on this crime. Through the illegal costs and feasibility study we can find the main forms and the causes of stock index futures market manipulation.Clearing the stock index futures market manipulation behavior is the prerequisite for determining which actions caused this crime and also the prerequisite for proving this case a market manipulation. So it is necessary to legally define the concept of stock index futures market manipulation behavior and clear its constitutive requirements. Abnormal trading behaviors of Everbright are suspected of insider trading and market manipulation. And "misleading information” behavior belongs to stock index futures market manipulation with fake information.The State Council promulgated the "Regulations for the Administrat ion of Futures Trading", which is designed to adjust the futures market. But the rules are based on the relevant provisions of commodity futures period, and it did not modify the illegal behavior accordingly, along with the lag identification on stock index futures market manipulation. Therefore, it is necessary to construct legal system against stock index futures market manipulation behavior, improve the judging standards of stock index futures market manipulation behavior, and improve the responsibility system of stock index futures market manipulation behavior to safeguard our country securities market and its derivative market economic order, ensure the efficiency of the free market competition mechanism, and prevent the happening of the stock index futures market manipulation effectively.