Analysis Of The Special Form Of Insider Trading Behavior

Insider trading system is called the secret acts of unfair competition.Insider trading through various ways eats over the wealth and credit of the capital market, and has seriouslydo harm on market order and the interests of investors.In today’s capital market, insider trading regulation system is increasingly rigorous, securities market is still has a variety of transfer form(multi-level transfer) and complex transaction form(shadow trading, positive and negative to the mixed operation) and other behavior pattern.However,the 76 th article of "securities law" which stipulated onlythe normal patterns of insider trading behavior, such as self-trading pattern, leak-trading pattern and suggest-trading patterns of insider trading,does not include some of the new patterns existed in the reality which has some problems confused the law enforcers. Thus, China’s legislation on insider trading behavior pattern out of the development of special behavior pattern exists regulatory loopholes.At the same time, throughout the study of the system of insider trading regulation, the insider trading pattern research is still in the minority, and it also shows that this problem is still in little attention.Therefore, derivative form ofspecial behavior problems happen in reality do have sharp contrast with the update legislation in our country and theoretical research. This problem must be pay more attention and give corresponding concern in the legislation to protect theorder ofsecurities market and the interests of investors..The development path of insider trading behaviouris the central theme of this article. In this paper, The author conducts a comprehensive study on insider trading using some scientific methods, like literature research, comparative research, case analysis, structure chart design method. First of all, analyzing three types of insider trading behavior in general form, and find out the variables and the invariable factors which make the general form into the special form of insider trading; Second, lists special behavior of this insider trading patternin the practice and outlines its evolution characteristics; Third, aroundthe variable factors and invariables factors, as well asbase on the experience of foreign legislation and law enforcement, The author analyzed several typical special behavior pattern in detail; Finally, put forward the suggestion of "securities law" related to insider trading system.This article focus on the analysis of several main performance forms of special insider trading, such as multi-level transitivity of insider trading, the shadow of insider trading, the meaning of positive and negative to the mixed operation of insider trading.The key points of this three kinds of typesof pattern can be summarized as: 1, in the type of multi-level type, the insider trading message recipients’ accountability and prove standard problems;2, In the type of shadow insider trading, who has the authority to punishthose who using inside information totrading abroadand what shall we do to those who using the financial products which do not forbidden to do insider trading;3, In the type of positive and negative mixed trading, certified a set of standard to distinguish the real legal operation or illegal behavior.So finally, in view of the problems of thosethree kinds of special pattern, the authorput forward some suggestions to repair our country’s "securities law", such as strengthen the guidancefuction of legislative purpose, expand the connotation of "securities", extend insider trading main body, at the same time, introduce the legal defense clause in order to the protection of the interests of investors.In short, there are two points to sums upthe solutions of these difficult problems: In the macro sense, first of all, establish the right legal purposefor the prohibition of insider trading. If the purpose is to protect special interest groups, then the insider trading regulation would be relatively loose; If the purpose is to protect the market order, and the vast majority of investors interests, then it would be correspondingly strict. So following the legal interests of spiritual guidance, the unpredictable special pattern of insider trading can be caught in the practice.In micro sense, focusing on the new changes of special pattern in practice, one of the most important things is to catch the core of the variable factors of the insider trading behavior, and recognize it and punish it with human flexibility.