Research On The Legal Regulation Of Trans-market Manipulation

In recent years,China’s capital market has been developing and improving continuously,various financial commodities have been launched continuously,and economic globalization has promoted the increasingly high degree of correlation between financial markets.Market information,market prices and market risks transmit to each other,providing opportunities for cross-market manipulation.Investors can manipulate one market to profit in another linked market,and the uniformity of regulation in the traditional spot market is clearly insufficient to combat the illegal activities of cross-market operators.Cross-market manipulation refers to cross-current market.This paper mainly studies cross-market manipulation of stock market and stock index futures.Stock,stock index futures market in China started late,is in the stage of development,the stock index futures is derived by stock,due to the endogenous relationship with a strong correlation between them,in the stock market across the market manipulation behavior with stock index futures market is more concealment,and devastating to capital markets,disrupting the normal operations on the stock and futures market order,make investors lose confidence,is not conducive to the healthy development of stock market and stock index futures market.At the same time,the specialization,institutionalization and coordination of cross-market manipulators,as well as the intelligence,comprehensiveness and concealment of manipulation means,increase the difficulty of supervision.At present,there are problems of lagging legislation and weak supervision in cross-market manipulation in China,and the legitimate interests of small and medium-sized investors in vulnerable groups in the market cannot be guaranteed.Although represented by the CSRC to set up the "five sides","1 + 3",in the form of memos,regulatory framework for market,but these measures of law is limited,not to strong across the market manipulation behavior regulation,should be the basis of the traditional single market regulation between the stock market and stock index futures market across the market manipulation behaviorfor effective legal regulation.In this paper,starting from the basic principle of cross market manipulation,analysis the basic model of market manipulation,stocks and how to reflect and to analyze the correlation of stock index futures market across the market manipulation behavior cognizance,find that,for across different market manipulation of legal regulation,market manipulation of legal advice to provide theoretical support,based on our country present situation analysis our country current regulatory of the CSRC,regulators,and existing problems of the legislative level,across the market manipulation information disclosure problems in-depth analysis,points out its existing problems,and other country mature experience,To improve the legislation and supervision system,improve the information disclosure framework,improve the civil remedy recovery mechanism,administrative reconciliation system,fill the gap in the regulation of criminal law,put forward suitable for China’s national conditions of cross-market manipulation supervision,legal regulation related to the optimization of Suggestions.