The Research Of The Supervision Of Stock Market Manipulation

The emergence of China's market manipulation began in the establishment of China's stock market,and the supervision of market manipulationbegan in 1993 which both have a lot of room in improvement for its short history.With the growing expanding of the stock market of china,in according with the creativity method of exchange,the enrichment of goods,the diversification of the transaction agents which will absolutely result in a more complicated,dynamic and exchanging stock market manipulationform Trade-Based Manipulation such as seriestrading,matched orders and wash sale to Information-Based or Action-Based Manipulation for example.At the same time,for seeking improper benefits or reducing the losses,some agents often use various means of manipulation in order to cause a deeper fluctuation in a relatively short period of time,witch lead to enormous and uncountable damage to the stock market.Some people even through the integrated use of colorful methods to deceive the public,create a legal shade for the illegal manipulation secretly which increases the cost and difficulty in recognizing and supervising of the stock manipulation.This paperfocuses on how to realize the effective supervision of stock marketmanipulation via resolving thedifficulty of identifying the market manipulation and the problem of delay or hysteresis in supervision.On the one hand,through the analysis of the classification and characteristics of China's regulatory mode,regulatory rules and market manipulation,it is found that the difficulty of identifying the market manipulationresultfrom the diversity of the means of manipulation and the dynamic change,and form the imperfect rules that can not provide sufficient basis and guidance for the supervision of manipulation,and the guiding role in stock market transactions.On the other hand,the problem of delay or hysteresis in supervision has a close relationship with imperfect rules and thecurrent system,meanwhile the protection and assistantmethod of the supervision are also imperfect.In conclusion,through combining the systematic analysis of the above issuesbased on the existing rules of the system,regulatory model,the recent cases,and drawing lessons from the foreign country's anti-manipulation and supervision.This paper puts forward several legal suggestions on perfecting the regulation of stock market manipulation in China from three aspects,completing the identifying rules,establishing the safe harbor rules,and exerting the effective supervision of the stock market manipulation.