股指期货交易功能性监管的法律制度设计

股指期货的基础是成分股,二者具有联动性,因此存在通过操纵成分股来操纵股指期货获利的可能性.这就要求我们应对股指期货交易和股票交易进行跨市场的功能性监管.本文探讨了利用联动性操纵股指期货的手法--单边联动操纵和对冲联动操纵及它们的构成要件.在此基础上,提出了次级举证责任在辩方、禁止一致行动、设立循环短路系统等法律制度设计.

Legal System Design for Functional Supervision of Exchange of Share Index Futures

Ingredient share is the foundation of share index futures. There is a linkage between share index futures and ingredient share. In order to make profit, it is possible to manipulate share index futures by manipulating ingredient share. So we should implement functional supervision on the across the market exchange of share index futures and that of stock. The article deals with the manipulation of the exchange of share index futures through linkage characterized by unilateral linkage manipulation and offset linkage manipulation. On this basis, a number of legal system designs, such as secondary quoting liability on the part of the pleader, forbid ding with-one-accord proceeding and setting up cycling short circuit system are put forward.