统一化与差异化:债券市场内幕交易规制的困境与法制进路  

Unification and Differentiation:the Dilemma of Regulating Insider Trading in the Bond Market and the Legal Approach

作　　者：王怀勇[1] 钟文财 Wang Huaiyong;Zhong Wencai

机构地区：[1]西南政法大学经济法学院,重庆401120

出　　处：《证券市场导报》2020年第12期66-76,共11页Securities Market Herald

基　　金：国家社会科学基金重点项目“创新社会治理背景下社会企业法律规制研究”(项目编号:18AFX018)。

摘　　要：后疫情时代的债券违约潮背景下,高收益债券和信用衍生品成为债券市场内幕交易的高发区。然而,债券市场内幕交易规制面临去监管化的价值冲击、股票化规则难以适用和认定标准的差异化不足等三重困境。鉴于内幕交易的不公平竞争本质和欧美规制体系的局限性,缺乏统一金融法制和判例法传统的中国应采纳维护公平竞争的规制思路,以公平竞争为反欺诈和市场诚信的价值桥梁,引领统一化的顶层设计;同时针对债券市场特性进行差异化调试,豁免做市商和中央对手方,完善内幕信息规定,并围绕询价开展信息规制。As many bonds default in the post-pandemic era,high yield bonds and credit derivatives are becoming the hotbeds of insider trading in the bond market.However,regulating insider trading in China’s bond market is facing a three-tier dilemma:value turbulence caused by deregulation assertions,inapplicability of"stock-centered"rules,and insufficient differentiation of the determinants.Considering the unfair competition nature of insider trading and the limits of EU and US’s regulatory approaches,China,which has no similar unified financial law and case law tradition,should adopt an anti-unfair-competition approach:to bridge anti-fraud goal and market integrity with fair competition,guiding the structural unification of insider trading laws;meanwhile,to make differentiated adjustments according to the specialties of the bond market,such as exempting market makers and central counterparties,and conducting information regulation about market sounding.

关 键 词：债券市场 信用风险缓释工具 信用保护工具 内幕交易 公平竞争 

分 类 号：DF438.7[政治法律—经济法学]