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幌骗交易规制：理念嬗变、 规则面向与调适图景

The Regulation of Spoofing: The Evolution of Ideas, Rules and the Picture of Adaptation

Advance in Law / 2024,6(3): 318-332 / 2024-08-12 685 301

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• Authors: 张钦昱 张拓方
• Information:

  中国政法大学民商经济法学院，北京

• Keywords:
  Spoofing; High-frequency trading; Fintech; Regulation
  幌骗交易; 高频交易; 金融科技; 监管
• Abstract: Spoofing accompanies high-frequency trading, and the high incidence of related cases has caused widespread concern among regulators and investors. The use of financial technology is an important tool to prevent and identify front trading, which negatively affects the fair-trading rights of other traders in the market and disrupts the market price formation mechanism. Improving regulatory deterrence is also an integral aspect of combating front trading. The supporting mechanisms for front trading include information registration, determination of front behavior and financial instruments to limit speculation. To improve the regulation of front trading in China, the risk of front trading can be controlled by technical regulation, and clear rules of behavior definition can provide guidelines for the determination of front trading. The effectiveness of self-regulation of the exchange can be enhanced by leveraging the effectiveness of the regulation. 幌骗交易伴随高频交易产生，相关案件的高发引起了监管层和投资者的广泛关注。幌骗交易对市场上其他交易者的公平交易权产生了负面影响，扰乱了市场价格形成机制，金融科技的运用是预防和识别幌骗交易的重要手段。提高监管的震慑力度也是打击幌骗交易不可或缺的方面。幌骗交易的配套机制包括信息登记、幌骗行为的判定和限制投机的金融工具。完善我国对幌骗交易的监管，可以从技术化的监管手段控制幌骗风险，以明确的行为界定规则为幌骗交易的认定提供指引。发挥交易所自律监管的效能，提升监管的有效性。
• DOI: https://doi.org/10.35534/al.0603026
• Cite: 张钦昱，张拓方．幌骗交易规制：理念嬗变、规则面向与调适图景［J］．法学进展，2024，6（3）：318-332.