Recognition And Legal Regulation Of Information-based Market Manipulation

The information-based market manipulation is gradually increasing,and complicated and undercover,which makes it difficult for supervision and law enforcement.while the definition of information-based market manipulation is not clear at the legislative level,and the connotations are vague.In the behavior of information manipulation of securities market,the information advantage of the actor artificially changes the relationship between supply and demand in the market,affects the price and trading volume of the securities market.This behavior will bring great confusion to the securities market,harm the interests of the vast number of investors,and undermine the financial order.Therefore,it is necessary to manipulate the information-based market.This paper will try to clear the boundaries of information-based market manipulation,and provide regulatory advice.At present,there are three types of information-based manipulation behavior in our country: using information advantage to manipulate,demagogue trade and hat-snatching transaction.This paper will analyzes the composition elements of each type of information manipulation behavior on the basis of combining cases,starting with the subjective aspects of the subject,the actor,the objective performance of manipulation and the causal relationship between the manipulation behavior and the consequences of manipulation,and analyzing its composition conditions one by one.In terms of the subject of behavior,the key point of investigation of the identity of the subject is whether the subject is able to manipulate the market.On the subjective side,the elements of information-based manipulation should include the actor’s intent to manipulate.From a practical point of view,the abnormality and manipulation of trading behavior can be proved by objective evidence such as account group trading,financial flows,trading address,and the calculation table of the price impact indicator provided by the transaction.In terms of information,it has a certain significance,and not necessarily false information,real information can also manipulate the market,in the process of information generation,such as the perpetrator of information is not true,false,uncertainty is informed,it can be presumed that the perpetrator of information in line with the level of awareness that constitutes intentional.On the subjective side,the elements of information manipulation should include the actor having the intention of manipulating.In examining the subjective intention of the perpetrator,two aspects should be examined:First,the actor’s subjective intention of the act of information dissemination;When it is impossible to prove that the perpetrator has a specific intention for manipulation,the subjective intent of manipulation can be presumed based on "profit pursuit" and "objective manipulation for profit".In terms of objective behavior,the abnormality and manipulation of trading behavior can be proved by objective evidence such as account group trading,capital flow,trading address,and price-impact indicator calculation table provided by trading.