日本应对高频交易的规制及启示  

Legal Regulation of High Frequency Trading in Japan and the Enlightenment

作　　者：樊纪伟[1] 

机构地区：[1]天津财经大学法学院,天津300222

出　　处：《证券市场导报》2018年第7期65-70,共6页Securities Market Herald

基　　金：天津市哲学社会科学规划重点项目课题"区域性股权交易市场法律规范与监管研究"(TJFX17-001)

摘　　要：日本高频交易起步很晚,但近年发展较快。为应对信息技术进步对日本金融及资本市场带来的影响、健全高频交易制度规范,2017年日本《金融商品交易法》修改的一项重要内容即引入高频交易规制。从具体内容看,日本版高频交易规制主要从强制登记制度、风险业务管理规制、强化监管等方面强化对高频交易行为的管制,以期减少高频交易负面影响。我国在构建高频交易规则时,可借鉴日本版高频交易规制,与我国高频交易情况相适的相应规制,包括高频交易行为人登记制度、风险业务管理体制,并强化对高频交易监管。High frequency trading （HFT）of Japan has quickly developed in recent years although it was introduced just a few years ago. In order to deal with the impact of the development of electronic technique on the stock market, the regulations of HFT are introduced in Financial Instruments and Exchange Act of Japan. To reduce the negative effects of HFT, the HFT regulations of Japan include the registration system, risk management for HFT and strengthening regulation. When we design our regulations of HFT, we should learn from Japan, and set up the regulations of liFT to meet the need of our securitization market.

关 键 词：日本金融商品交易法 高频交易行为 法律规制 登记制度 

分 类 号：DF438.7[政治法律—经济法学]