境外黑池交易平台的发展演进及法律风险防范对我国的启示  

The Development and Evolution of Dark Pool and Its Regulatory Reference in China

作　　者：吴燕妮[1] Wu Yanni

机构地区：[1]深圳市社会科学院

出　　处：《兰州学刊》2018年第7期168-178,共11页

基　　金：2016年国家社科基金青年项目"互联网市场价格违法行为规制研究"(项目编号:16CFX045)

摘　　要：发端于美国的黑池交易,虽然起步较晚,但发展迅速。其匿名、隐蔽的特性自诞生起就处于证券交易监管的灰色地带。近年来,随着发达市场黑池交易规模的不断扩大,各国监管机构也开始逐渐加强对这一新兴交易平台的监管。主要原因一是黑池交易的不透明有损市场公平,二是黑池交易的无序技术竞争有损投资者利益,因而可能对市场造成巨大的负面影响,给金融体系带来潜在的系统性风险。尽管我国目前尚不允许出现黑池交易,但场外市场作为我国多层次资本市场建设的重要组成部分,也面临着与黑池交易类似的透明度不高、存在一定风险隐患的问题。此外,与黑池类似的大宗交易机制在实践中也面临着上市公司股东违规减持的风险。此外,脱胎于黑池的计算机交易技术,如程序化交易、高频交易等技术手段已经开始影响我国证券市场。为此,有必要预先做好制度设计、加强监管,提高市场信息披露水平,完善相关程序化交易监管策略。Originated in the United States, dark pool was developing rapidly in recent years. Its anon- ymous, hidden characteristics made it controversial since its very existence. In recent years, with the trading scale of dark pool continues to expand, national regulators have begun to gradually strengthen the regulation of this emerging trading platform. The main reason is that the opacity of the dark pool transaction is detrimental to the market fairness, and the disorderly technological competition in the dark pool transac- tion is detrimental to the interests of the investors and may have a huge negative impact on the market and bring potential systemic risks to the financial system. Although dark pool is not allowed yet in China, the OTC market also facing similar issues. In addition, the algorithmic trading and high -frequency trading and other technical means has begun to affect China＇ s securities market. Therefore, it is necessary to strengthen the regulation of the market.

关 键 词：黑池交易 另类交易平台 大宗交易 高频交易 程序化交易 

分 类 号：D996[政治法律—经济法学]