Try Taking About How To Regulate And Supervise Cross-Market Manipulation

Financial market is an important part of a country’s national economy,as with other markets,there are market failures,resulting in a lot of reasons for market failure,market manipulation is one of the common behavior.Although the market manipulation is too subjective and difficult to evaluate,but this does not prevent the market manipulation of illegal recognition and as one of the reasons for the failure of the market awareness.China’s stock and stock index futures market development time is short,especially the stock index futures market,from the beginning of a few years history,the stock market is the foundation of stock market futures market,both based on arbitrage,price correlation and information association Strong linkage effect,if the perpetrators in violation of market rules,through the manipulation of stocks,stock index futures market profit or reduce losses,it is likely to cause stock,stock index futures market failure.There are a number of indications that there are market manipulation,especially the use of stock,stock index futures between the effects of cross-stock,stock index futures market manipulation.Cross-market manipulation derived from a single market manipulation,the complexity of non-single market manipulation comparable through the manipulation of the stock market to influence the stock index futures market or manipulate the stock index futures market impact of the stock market is cross-market manipulation of the two basic models,in addition,due to stock index futures Expiry date settlement price of the mandatory convergence,due date manipulation should also be taken seriously.Financial regulation is the original intention of the market failure correction,stock,stock index futures market manipulation is the stock,stock index futures market failure risk sources,strengthen unilateral,bilateral market manipulation of regulation and supervision,can effectively deal with the market manipulation brought market risk of failure.China’s stock,stock index futures market,the legal regulator is the SFC,according to the laws and regulations and the State Council’s unified exercise of regulatory functions.It is precisely because of China’s stock,stock index futures supervision of the unity of the main,so in a single market manipulation of regulation,cross-market manipulation of regulatory integration has its unique advantages.In the legal system,the<Securities Law>,<Regulations on the administration of futures trading>and<Guidelines for the conduct of securities market manipulation(for Trial Implementation)>as the representative of the laws and regulations to form a regulatory stock,stock index futures market manipulation system,but there are still lagging behind the legislation,vacancy and other defects;in the regulatory model on the existence of the centralized supervision of the SFC,the exchange and trade associations,supplemented by self-regulatory cross-market regulatory pattern,but there are strong exchange supervision of weak government regulation.Although the SFC has set up a "1 + 3"framework,represented by the "five parties",cross-market regulation,but not a binding memorandum,can not effectively deal with cross-market violations,especially cross-market manipulation.China’s "Securities Law" revised draft(2015)on the cross-market manipulation of the provisions of the general list of two types of cross-market manipulation model,but the draft regulations to the regulations there are more variables.In the context of continuous innovation of stock and stock index futures,the existing cross-market manipulation regulation and regulatory framework needs to be strengthened,so it is of great significance to improve our cross-market supervision system.This paper attempts to start from the basic theory of stock and stock index futures,explore the market manipulation,single market manipulation,cross-market manipulation,and explore its constituent elements,development changes and species patterns on the basis of the analysis of the related market.Finally,the author draws lessons from the experiences of the United States,Britain and South Korea and other countries related to cross-market manipulation regulation and regulation,summarizes the current situation and lack of cross-market manipulation regulation and supervision,puts forward the feasible way of regulating and supervising cross-market manipulation.