The Study For Civil Responsibility Regarding Manipulation In The Bulk Stock Electronic Market

Bulk stock electronic market is a trading platform with the development of the traditional wholesale market combined with modern computers in our country.In recent years, with the rapid development of economy, especially urbanization, marketization process continues to accelerate, the bulk stock electronic market is booming.However, due to the lack of corresponding laws and regulations, couple with the regulatory body not clear, the bulk stock electronic market develops rapidly, but at the same time, it also reflects many problems,one of the most common and most harmfulness is manipulating the market.As a spot transaction way for China’s national conditions, despite the current development of order is still unsatisfactory, but the attitude should be appropriate hydrophpbic unfavorable blocking, in addition,we should use the administrative, criminal,civil and other relevant laws and regulations to standardize guidance.In this paper, the author has based on the civil liability of bulk stock electronic market manipulation as the research object, the "tort responsibility" as the core, and discussed some problems that surrounded by electronic manipulation of the spot market characteristics, causes, types, and the nature of the manipulation of civil responsibility, responsibility principle, constitute requirements, and other issues.In addition,the author has also analyzed the defects of bulk stock electronic market trading manipulation behavior in our country. Meanwhile, this paper has draw lessons from American, Japan and the UK which similar to bulk stock electronic market-OTC market manipulation behavior,and puts forward the idea of the civil responsibility system of market manipulation of bulk stock electronic market of our country.In affirmative part, the author divides four parts to discuss the civil responsibility of market manipulation behavior.The first part mainly explores the market manipulation behavior and the nature of civil responsibility of bulk stock electronic market.Although the bulk stock electronic market adopt the electronic transactions as the securities and futures markets, because of its spot transaction is real, therefore the bulk stock electronic market manipulation is unique.As for the nature of the manipulation of civil responsibility the author discusses three types of civil responsibility analysis, concludes that the electronic spot market does not involve a contractual relationship, and manipulative behavior belongs to a typical fraud, and from the spot of protecting traders,the author think the civil responsibility should be recognized as responsibility for tort of market manipulation in bulk stock electronic market electronic spot.The second part studies the OTC legal regulation of market manipulation which in America, Japan and England. These countries regulate market manipulation rules into a comprehensive law, at the same time, they also stipulate the definition, standards and penalties of the market manipulation. China should learn from developed countries to formulate laws and regulations system of bulk stock electronic market.The third part discusses the current legislative situation and problems about bulk stock electronic market manipulation in our country. At present, the biggest legislative status of laws and regulations which associated with the bulk stock electronic market is not perfect,it can not enough to restrain market manipulation.Although these rules regulate the bulk stock electronic market to some extent, while they are administrative rules in nature, and usually used to guide the bulk stock electronic market to develop orderly, but to the victims, whether civil liability may be made to the perpetrator or other issues are not involved.In the aspects of the problem, because our country has carried out planned economy in a long time, the legislative in concept choose more emphasis on the use of the law means to punish the perpetrators, and ignore the positive role of private law, so they do not give the victim the right to request civil compensation. Besides, the legal effect of bulk stock electronic market manipulation of civil liability level low also cause lawlessness situation of our country.The fourth part puts forward improvement suggestions.The author thinks that establish civil electronic commodities market manipulation has its special value and function.In the specific content, we should improve the imputation principle of civil responsibility, the constituent elements, calculated the amount of civil liability in the form of compensation and calculation method. Moreover, we should establish the corresponding procedures supporting system besides the entity law.Only set up a full range of regulations and accountability procedures to manipulate the market,shall we punish the market manipulation doer, thus can contribute to our bulk stock electronic market develops healthily and orderly.