市场操纵犯罪与抢先交易行为的本质探讨--以高频撤单为视角  

Discussion on the Essence of Market Manipulation Crime and Front Running Trade from the perspective of quote stuffing

作　　者：王天龙 WANG Tianlong(School of criminal law East China University of political science and law,Shanghai 201620,China)

机构地区：[1]华东政法大学刑事法学院,上海201620

出　　处：《商丘职业技术学院学报》2021年第6期11-16,共6页JOURNAL OF SHANGQIU POLYTECHNIC

基　　金：2019年度华东政法大学硕士研究生学术研究及社会调研项目“高频交易操纵资本市场的刑事规制研究——兼对金融创新合法性边缘的探讨”(2019-4-092)。

摘　　要：明确市场操纵的本质是界定市场操纵性的前提。市场操纵的本质在于操纵行为对正常市场信息机制的破坏。市场操纵性具有事实与规范的二重性,狭义市场操纵性即事实层面定性,广义市场操纵性即规范层面定性。并非所有抢先交易行为都具备市场操纵性,判定抢先交易行为的操纵性需从事实与规范(形式与实质)两个层面分析。高频交易中的高频撤单行为作为抢先交易的一种表现形式,完全符合市场操纵犯罪的本质,因此属于刑法一百八十二条兜底条款中“其他方法”。Identification of front running trade's manipulation is based on the essence of market manipulation.The essence of market manipulation is destruction of normal market information mechanism.Market manipulation has the duality of facts and norms.In the narrow sense,market manipulation is qualitative at the factual level,and in the broad sense,market manipulation is qualitative at the normative level.Not all preemptive trading behaviors have market manipulation,and the judgment of the manipulation of preemptive trading behavior needs to be analyzed from the two levels of facts and norms(form and essence).Quote stuffing,which is one form of front running trade,is fully in line with the essence of market manipulation crime,and therefore belongs to the“other methods”in the 182nd article of the Criminal Law.

关 键 词：市场操纵 抢先交易 事实与规范 高频撤单 

分 类 号：D914[政治法律—刑法学]