Research On The Judicial Identification Of Illegal Futures Trading

The so-called judicial determination of illegal futures trading is to determine the nature of the trading activities in the Commodity Spot Exchange or Street market by judicial ways,to judge whether it belongs to the futures trading,thus to constitute the illegal futures behavior.It infringes on the rights and interests of investors,hinders the development of futures market,and disturbs the order of spot market,which seriously affects national financial security,then becomes a "cancer" in economic society.In recent years,illegal futures have appeared frequently,giving rise to a large number of dispute cases.However,on the one hand,such cases generally have characteristics of wide stakeholders,far-reaching influence,complex case and high degree of specialization,so it is difficult to determine the nature of such cases.On the other hand,the China Securities Regulatory Commission and other financial regulatory agencies,as the regulatory bodies of the futures market,have thoroughly cleaned up and rectified all kinds of exchanges,and the linkage between judicial and administrative determination at different levels has not been properly addressed.In addition,due to the incomplete relevant legal norms and systems,the case trail is facing many obstacles,falling into the embarrassing situation of difficulty in judicial determination of illegal futures,difficult to effectively protect the legitimate rights and interests of investors,seriously damaging the judicial credibility and legal authority.Based on the above phenomenon,this paper hierarchically studies the judicial determination of illegal futures trading and explores the construction of the judicial determination system mechanism of illegal futures trading.The thesis is divided into four chapters.In the first chapter,summarize relevant theories and current situations related to illegal futures trading.This chapter sorts out the legal supervision evolution of futures market,and analyzes the main forms of illegal futures trading in China and the specific reasons for its continuance despite repeated prohibition but running rampant.In the second and third chapters,paper on illegal futures cases generally existing chaos in the judicial practice of "same case,different judgment",summarize and discuss in which involved the main dispute focal point and difficult point,to find that exist in the process of practical problems,and it can be divided into two categories-entity law and procedure law problems,then subdivided into five parts,namely the illegal futures judicial determination of the applicable law is not unified,determining standard is not clear,the jurisdiction isdispersed,the determination process is not explicit and allocation of proof is unreasonable,then analyzes one by one.Finally in the fourth chapter,in view of the substantive issues,put forward the path planning of constructing the judicial determination mechanism step by step,define the essence and extension of the legal concept of futures trading,unify the applicable law of illegal futures disputes,face up to the significance of administrative determination standards and results in judicial determination,standardize the identification of purpose elements and form elements,expound the specific elements and methods of each identification document;In view of the procedural legal issues,this paper puts forward the corresponding measures and suggestions to alleviate the jurisdictional disputes over illegal futures,clarify the powers and obligations of judicial organs,focus on the coordinated promotion of administrative and judicial determination procedures,and introduce the theory of interest measurement to optimize the reasonable distribution of burden of proof.