| With the establishment and development of China's stock market and stock index futures market,the linkage between stock and stock index futures market has been continuously strengthened.The continuous emergence of cross market products and the development of cross market transactions make the manipulation of market behavior show new features continuously.The intelligence and concealment of manipulation behavior of cross stock and stock index futures market have been improved continuously,some barriers to manipulate in a single market may easily be resolved,and the supervisor's ability to resist supervision will also increase substantially,all of these have brought about greater difficulties for supervision.In present,China is still particularly lacking in rules and experience in supervising cross market manipulation,with the rapid development of China's financial market,the blurring of laws and rules will continue to grow in the field of cross market manipulation.This is not only a test of the existing administrative law enforcement and market supervision system,but also an unprecedented challenge to criminal investigation and judicial determination.Therefore,we need to draw lessons from the legislation and supervision experience of the developed countries,and build a cross market supervision system to adapt to the open capital market system.This article will be based on the literature at home and abroad,combined with China's law and practice cases,and trying to identify and supervise the manipulation of cross stock and stock index futures market.This paper is divided into the following parts:In the first part of this paper,the origin of cross market manipulation is discussed in the light of the emergence and development of the stock market and stock index futures market,the relevance of the securities market and the asymmetry of information.On the basis of the research on the domestic and international academic circles,this paper attempts to define the cross market manipulation behavior and identify the cross market manipulation behavior on this basis.By comparing the differences between cross market manipulation and speculative trading,this part clarifies the characteristics of cross market manipulation,and expounds the necessity of inter market manipulation.The second part of this paper expounds the premise of cross market manipulation,and defines the "cross market" in cross market manipulation.This part will try to analyze the related market,price linkage mechanism and information transmission mechanism,and the formation mechanism of cross market analysis of endogenous,on this basis,this part mainly introduces two typical cross market manipulation mode.The third part of this paper,tries to put forward my own views on the identification of inter market manipulation through the combination of related cases of cross market manipulation from two aspects,namely,cross market players and objective behavior.This paper focuses on the analysis of the similarity and particularity of cross market manipulation and single market manipulation.The fourth part of this paper will be based on the cross market manipulation supervision,and actively learns from overseas to cross market manipulation of the regulatory model and relevant experience,combined with the cross market supervision situation in our country,and finally focus on the top-level system design,try to improve from the three aspects of information management system and the optimization of monitoring means to put forward suggestions to perfect and design of cross market supervision system in china.The fifth part is the conclusion summarized view,it proposes the "Securities Law" to speed up the regulation of cross market manipulation,and tries to improve the legal system in order to fully protect the legitimate interests of investors,the fair and orderly development in stock market,and ensures the reasonable distribution of resources in the securities market,as well as maintains the stability of the market economy. |
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