自动化交易监管:美国的发展及对我国的启示  

Regulating Automated Trading:USA Developments and Implications to China

作　　者：刘沛佩[1] 郭靖祎 LIU Peipei;GUO Jingyi(Faculty of Economic Law, East China University of Political Science and Law, Shanghai 200042, China;Faculty of Law, Ningbo University, Ningbo 315211, China)

机构地区：[1]华东政法大学经济法学院,上海200042 [2]宁波大学法学院,浙江宁波315211

出　　处：《大连理工大学学报（社会科学版）》2020年第3期122-128,共7页Journal of Dalian University of Technology(Social Sciences)

基　　金：国家社会科学基金青年项目:“非上市公众公司治理指引研究”(15CFX060)。

摘　　要：作为电子通信技术与交易的结合,自动化交易的初衷旨在解决客观环境中的市场难题。但在其发展的过程中,单纯通过技术手段或市场自我调节难以克服此种交易制度本身所蕴含的风险。出于对市场竞争公平性的维护、对自动化交易风险克服的考虑,必要、正当且适度的监管是自动化交易功能发挥的制度保障。通过对美国商品期货交易委员会监管应对和《自动化交易条例》的总结分析,可以发现美国对于自动化交易从温和且分散的监管逐渐向体系化监管过渡。以此为鉴,我国应正视自动化交易风险并进行预防性和前瞻性的监管考量,从加强对自动化交易的合规性约束、突出对自动化交易的风险控制、提高自动化交易服务提供者的管理水平对自动化交易实行差异化管理等方面来建立对自动化交易监管的制度基础。As a combination of electronic communication technology and trade,automated trading intends to solve the market difficulties in the objective market environment.During the process of development,it appears that the inherent risks of automated trading are difficult to be avoided purely through technical measure or market self-adjustment.To maintain the fair competition of securities market and avoid the inherent risks of automated trading,the essential,due and proper regulation shall be the guarantee on the function of automated trading.After examining the Commodity Futures Trading Commission(CFTC)actions and Regulation Automated Trading,it is found that the US changes gentle and dispersible automated trading regulations to systematic ones.China should regulate securities market by envisaging automated trading risks,taking preventive and prospective measures,strengthening compliance restriction,highlighting risk management,improving management standard of service supplier,providing diversity management,etc.,which could serve as the foundation for systematic automated trading.

关 键 词：自动化交易 CFTC 监管 

分 类 号：D912.28[政治法律—民商法学]