Cognizance And Legal Regulation Of Cross-Market Manipulation

With the establishment and continuous development of China's futures market,the price linkage mechanism between the spot and futures markets has continuously strengthened the linkage between the markets.New types of financial products have emerged and developed rapidly,and market manipulations have also taken on new forms and evolved into cross-market manipulations.Cross-market manipulations have become more complex and hidden,and manipulators' tactics and awareness of risk aversion have also greatly increased.However,the definition and requirements of cross-market manipulations are still not clear,and China's regulatory experience in cross-market manipulations is particularly lacking.Cross-market manipulation is different from traditional single-market manipulation.The theoretical analysis of single-market manipulation cannot directly apply to cross-market manipulations.The cross-market manipulations should be interpreted in essence after analyzing the differences between cross-market manipulations and single-market manipulations and summarizing the essential features of cross-market manipulations.At the same time,it can also learn from the regulatory experience of foreign market manipulation,and focus on the two key points of market advantage and market relevance,and analyze the constituent elements of cross-market manipulation behavior one by one.At present,there is no clear legislation for cross-market manipulation in China.However,academic circles have begun to pay attention to theoretical research in the field of cross-market manipulation.They have conducted in-depth discussions on cross-market supervision and put forward many constructive opinions.The legal regulation of cross-market manipulation cannot rely merely on supervision.It shouldalso proceed from various angles of legislation,administration,and judicature,increase the crackdown on cross-market manipulations,and ensure that the economic interests of small and medium investors are not violated.The emergence and rapid development of cross-market manipulation imposes higher requirements on our country's legal system and market supervision system.We urgently need to combine relevant legislation and regulatory experience of developed countries on the basis of summarizing theories of market manipulation behavior recognition to build a cross-market regulation mechanism that adapts to an open capital market system.This paper is divided into five parts.The first part of the article is the introduction.The introduction part puts forward the problems studied in this paper and the significance of the research issues.It also summarizes the relevant literature on the relevant theories involved in the determination of cross-market manipulation.The second part of the article starts from the two aspects of the determination of cross-market manipulation and legal regulation,and summarizes the reasons for the lack of applicable dilemma and practical experience of cross-market manipulation in China's traditional market manipulation related theories.The third part of the article discusses the attributes and definitions of cross-market manipulation.The unique attribute of cross-market manipulation behavior is the key to distinguish it from single-market manipulation behavior.It mainly involves two or more markets,price linkages between markets,and indirect profitability.And starting from the essence of cross-market manipulation,combined with the definition and classification of traditional market manipulation behaviors,it attempts to define and classify cross-market manipulation.The fourth part of the article mainly discusses the identification path of cross-market manipulation.It summarizes the legal regulation of market manipulation in other countries and introduces some cross-market manipulation cases related to the issue,and analyzes the composition of cross-market manipulation,mainly focusing on the four elements of artificial prices,market advantages,causality,and subjective intent to elaborate cross-market manipulation.The fifth part is mainly about making recommendations from the aspects of legislation,supervision,and compensation system,combined with China's situation and practical experience.