期货市场内幕交易监管及认定——美国期货期权内幕交易最新案例的比较视角  

Regulation and Recognition of Insider Trading-from the Comparative Perspective of the Newest Insider Trading Case in US Futures and Options Markets

作　　者：陈星 CHEN Xing(Shanghai Futures Exchange,Shanghai 200122,China)

机构地区：[1]上海期货交易所,上海200122

出　　处：《中国证券期货》2023年第1期79-84,共6页Securities & Futures of China

基　　金：2020年“上海青年金才”项目资助。

摘　　要：本文以近期美国期货市场发生的内幕交易案件为着眼点,具体分析美国商品期货交易委员会(CFTC)最近查处的期货市场利用客户信息型内幕交易行为,即利用客户大笔交易期货及期权的信息抢先下单并以有利的交易价格进行成交获利。案件中,被告在近五年的时间内2000余次实施类似的交易行为,违反了CFTC反欺诈细则及内幕交易监管规定。通过案例比较,分析境内外期货内幕交易行为特征以及认定,为我国期货市场内幕交易监管提供启示。This article studies insider trading practices and cases in U.S futures market recently,analyzes patterns and behaviors of insider trading using material,nonpublic information relating to customers in futures and options markets.One case showed that the defendant adopted similar strategies over 2000 times within 5 years and violated prohibitions of insider trading and 17 C.F.R.180.1.This research on the trading behavior character,recognization of insider trading in US futures market may offer insight for regulating insider trading in domestic futures market.

关 键 词：期货市场 内幕交易 案例 监管 

分 类 号：F83[经济管理—金融学]