| From the perspective of securities law,this paper aims to regulate the algorithmic convergence risk in the field of robot-advisory.At present,with the development of cloud computing,artificial intelligence and other technologies,algorithms have begun to show their strength in the financial field.In the securities investment market,the large-scale application of artificial intelligence on the one hand brings more efficient and convenient services for the majority of investors,and on the other hand,it also provides the soil for the breeding of algorithm convergence risks.Algorithm convergence will limit the normal competition in the securities investment market,and cause abnormal fluctuations in securities trading volume and securities trading prices,disrupting the normal trading order of the securities market.However,the law regulates behavior,so it is necessary to study the causes of the risk of algorithm convergence in the field of securities intelligent investment,and based on the perspective of securities law research,conduct in-depth exploration of the legal nature of the behavior belonging to the securities investment consulting institution-intelligent investment advisory operator,so as to connect the behavior to the existing securities law system for regulation,so as to achieve better avoidance of the algorithm convergence risk caused by the behavior of intelligent investment operators.This article is divided into four chapters to explore this in order to maintain the normal competition order in the field of securities investment and protect the legitimate rights and interests of investors.The first chapter begins with an examination of the problems posed by algorithm convergence in the robot-advisory space.Algorithm convergence exists in many fields today,and its impact in each field is also different,but in the field of securities intelligent investment,it will weaken the competition in the securities investment market,which is originally full of hedging and liquidity,disrupt the normal competition order,damage the legitimate rights and interests of investors,and easily trigger systemic risks.The second chapter is a typo-logical analysis of the causal behaviors that cause the risk of algorithm convergence in the field of robot-advisors.According to the main standard,it can be roughly divided into the behavior of the algorithm designer,the "behavior" of the algorithm itself,and the behavior of the algorithm operator.However,due to the strong technicality involved in the first two behaviors,the current theoretical and practical circles have a greater controversy over the problems of algorithm black box,algorithm self-learning,deep learning,etc.,and the relevant legal norms are scattered and poorly operable,so this paper is based on the practical perspective and from the perspective of securities regulations,only the main inducement of algorithm convergence risk is the behavior of intelligent investment advisor operators.The third chapter analyzes the legal nature of the behavior of robot-advisor operators that induce convergence risk through algorithmic collusion.Because the results caused by the behavior of the robot-advisor operators are similar to the results of the market manipulation behavior,they take this as the entry point,first deconstruct the elements of the market manipulation behavior,and compare the robot-advisor operator’s behavior with it,and then conclude that the robot-advisor operator’s behavior is a new manifestation of the market manipulation behavior with the algorithm operator as the main body of manipulation and the algorithm collusion as the means of manipulation under the background of the rapid development of Internet finance.The fourth chapter connects the behavior of robot-advisor operators that raise the risk of algorithm convergence to regulate in the field of securities law.At the regulatory level,Article 55 of the Securities Law can be applied to be included in the bottom clause of market manipulation behavior,but the difficulty of application lies in the proof of algorithmic collusion,and the application of the presumption of circumstantial evidence is proposed in this article to solve this problem;at the investor level,Article 95 of the Securities Law can be applied to file a civil compensation lawsuit,but there is also an application difficulty,that is,the proof of causation,for which this paper draws on two review elements to identify the causal relationship between the manipulation behavior and the result of manipulation.That is,to examine whether a large amount of funds are gathered behind the algorithm operator,and whether the trading behavior under the algorithm collusion is consistent with the trend of securities price changes,so as to determine whether the causal relationship is established,but the specific analysis should also be paid attention to when using individual cases. |
