How To Determine Using Information Superiority To Manipulate Market

Using the information superiority to manipulate the market is a new type of securities violation,but the existing regulatory norms do not fully understand the role of information superiority in the securities market.Although trying to adopt a strict regulatory stance,it is limited to the advantage of obtaining information when defining the information advantage,and does not determine the system's review elements.This paper intends to analyze the criteria for using the information superiority to manipulate the market.In addition to the introduction and conclusion,the body of the article consists of four parts,including:Part ?: the supervision concept of using the information advantage to manipulate the market.The theory of fairness theory believes that there should be a legitimate space for the use of information superiority,and the act of abusing information superiority should be restricted to the unfair advantage based on the information advantage formed by the inherent unfairness.The current credit environment of China's securities market is not good,and it is necessary to strengthen the supervision of the use of information superiority in the securities market.Therefore,when determining the regulatory policy according to the principle of fairness,the flexibility of the information judging criteria should be strengthened and the information advantage should be broadened.In order to avoid the chilling effect,it is necessary to change the single idea of controlling the market according to the influence of the securities market,and comprehensively consider the subjective fault of the information superiority acquisition method and the utilization behavior,so as to determine whether it has the purpose of manipulation.Part ?: Behavior of using information superiority.First,about the information in the informational advantage.This information is material.To measure whether the relevant information belongs to material information,it should not be limited to the impact of the representation on the price of securities transactions and the volume of trading.It should focus on more fundamental indicators,that is,whether information will affect investment decisions.Second,the advantages of information superiority.The information advantage reflects the unequal status of information between investors.Investors have an unequal position on securities information due to various reasons such as identity,job status,and differences in professional competence.This inequality is widely manifested in the acquisition,understanding,manufacture,and dissemination of information.Third,the formation path of information superiority.It should be affirmed that the information superiority formed by virtue of its own talent and diligence can only be included in the scope of examination based on the inherent unfairness,that is,the information superiority based on the special identity of the investor or the help of the special identity.Fourth,the use of information advantages.After obtaining information or disseminating information,in conjunction with the implementation of trading behaviors,the abnormality of trading volume in the securities market may constitute the use of information superiority to manipulate the market.Part ?: Determination of the purpose of manipulation.The use of information superiority to conduct transactions is not of course illegal.It is necessary to examine the subjective state of the perpetrator if it is determined whether it constitutes the use of information superiority to manipulate the market.According to the principle of liability for fault liability,only by confirming that the perpetrator has the purpose of maneuvering can the perpetrator be identified as using the information superiority to manipulate the market.The influence of the actor on the volume of securities trading should be used as an objective behavioral indicator to determine the use of information superiority to manipulate the market.The legitimacy of information acquisition,the consistency of information behavior and transaction behavior should be combined with the analysis of whether the behavioral person has the purpose of manipulation.Part IV: Evaluation of regulatory documents and cases.The existing regulatory documents for manipulating market behaviors fail to fully understand the role of information superiority in the use of behavioral markets,limit the advantages of obtaining significant information when identifying information advantages,and do not clarify how to determine the subjective fault of the perpetrator.The recent regulatory practice reflects that the regulatory agency has changed its mind when it determines whether the actor constitutes the advantage of using information,but has not yet formed a systematic and stable regulatory system.The supervisory authority shall be based on the information majority standard,the scope of information superiority,the formation path of information superiority,the influence of information superiority on the volume of securities trading,the legitimacy of the information advantage of the actor,and the consistency of trading behavior and information behavior.Review the elements and comprehensively determine whether the actors constitute the use of information to manipulate the market.After accumulating practical experience,the supervisory authority should revise the existing regulatory documents to provide investors with behavioral guidance.