美国不公平高频交易监管及对证券法修改的启示  

Regulation of Unfair High-frequency Trading in the United States and Its Enlightenment to China's Securities Law

作　　者：马其家[1] 王淼[1] 

机构地区：[1]对外经济贸易大学法学院,北京100029

出　　处：《证券市场导报》2018年第8期66-73,77,共9页Securities Market Herald

基　　金：国家社科基金项目"我国国际板证券发行监管制度的构建研究"(12BFX135)的阶段性成果;对外经济贸易大学国内外联合培养研究生项目资助

摘　　要：证券期货市场上的高频交易行为中,有一部分属于不公平的高频交易。不公平的高频交易行为不仅有可能危及证券期货市场的公平稳定,也有可能损害其他市场参与者的利益。为了对这种行为进行有效的监管,保护普通投资者的利益,我国有必要在借鉴美国监管经验的基础上,修改《证券法》,明确高频交易的定义,禁止高频交易中的操纵市场和"试单"行为,限制不公平的主机托管行为。《证券法》还应规定或授权证监会、交易所对高频交易报价采取实时监控、限制撤单、强制减速带等监管措施。Some high-frequency trading （HFT） activities on the securities and futures market are unfair. These activities may not only endanger the fairness and stability of the securities and futures market, but are also likely to damage the interests of other market participants. In order to effectively control and regulate HFT and protect the interests of ordinary investors, it is necessary to revise China＇s securities law on the basis of experience of the United States. The securities law should clarify the definition of HFT transactions, forbid market manipulation and the behavior of ＂ping the market＂ and restrict unfair co-location in HFT. The securities law should also provide or authorize the SFC and exchanges to take the regulatory measures of real-time monitoring of quotations, limitation of withdrawal and mandated ＂speed bump＂.

关 键 词：高频交易 证券期货市场 信息技术优势 公平原则 

分 类 号：DF438.7[政治法律—经济法学]