Judicial Identification Of New Market Manipulation Behavior

This paper takes the crime of manipulating securities and futures market in the criminal law of our country as the research object,and the purpose of the research is to clarify the judicial determination of some new market manipulation behaviors.Research by the crime types including bewitch trading manipulation,rob hat transaction manipulation,false declaration manipulation,the major issues of the false manipulation,an informational control,hoarding cash control and so on "criminal law amendment(11)and a new type of market manipulation in the judicial interpretation provisions,at the same time also includes the use of technical means such as high-frequency trading market manipulation and other manipulation involved in securities regulations.The first part of this paper discusses the concept and essence of market manipulation.Firstly,according to the original meaning of the Criminal Law,the essence of market behavior should be "price and quantity manipulation".Market manipulation should be on the premise of participation mechanism,the use of capital market,and the expression of "criminal law amendment(11)did not distinguish between the behavior of the direct and indirect factors influencing the price quantity,so that the connotation of quantity of price manipulation "shall be as follows:" using,participate in the capital market mechanism,the securities and futures market trading price,trading volume,directly or indirectly affected behavior".Secondly,the criminal law stipulates the transaction price and the transaction volume simultaneously,while the judicial interpretation only considers the transaction volume factor for the crime and sentencing of market manipulation,which is essentially the neglect of the provisions of the criminal law.The purpose of market manipulation is to influence the trading price,and the trading volume is only an external manifestation of the trading price.Therefore,the focus of the investigation of "price-volume manipulation" should still be on the trading price.Finally,some behaviors are allowed by securities laws or fail to take advantage of or participate in the capital market mechanism,even if these behaviors affect the price and trading volume,they should not be "price-volume manipulation".The second part of the article studies the new manipulations in the amendment of criminal law(11),such as delusion,cap grabbing and false declaration.First of all,in the manipulation of demagogic trading,false and uncertain material information should be likely to have a significant impact on investors or the price of specific financial commodities.Material information includes major events.The main differences between demagogic manipulation and insider trading are the nature of the information and the direction and timing of market movements.Secondly,regarding the manipulation of hat snatching,attention should be paid to whether the actor has a special identity and whether the information is spread publicly in the aspect of determining the influence of the behavior.As for the question whether the news media practitioners’ assistance in spreading information constitutes a helping crime,it is necessary to make a more rigorous investigation on its objective and subjective elements.Finally,the elements of manipulation should still include "misleading consumers" and "trading in the opposite direction or seeking an advantage".The third part of the article studies the information manipulation,false major event manipulation and hoarding spot manipulation involved in judicial interpretation.First of all,an informational manipulation,manipulation,manipulation,grab a hat for the major issues of the false trading bewitch trading to manipulate all belong to the use of information on market manipulation behavior,four is the difference between the different meanings of information,including an informational manipulation of information is different from bewitch control deals with the major issues of the false manipulation of information,it should also contain real information,follow the disclosure rules and behavior person release information requirements.Secondly,the major events in the manipulation of false major events can be included by the major information in the manipulation of false major events,and there is no difference between the two in the behavior mode,so the manipulation of false major events should not be listed as a single market manipulation behavior.Finally,according to the provisions of judicial interpretation,information manipulation should be applied to the presumptive causality.Because the manipulation of demagogic trading and the manipulation of hat-hunting trading also belong to the behavior of manipulating the market by using information,and both of them indirectly affect the price and quantity by influencing the investors,the presumptive causality should be applied to the three.In addition,hoarding spot to take advantage of the spot position to influence the futures market price and trading volume is a market manipulation.The fourth part of the article discusses other new manipulative behaviors,including the behavior of using technical means to influence the market and other behaviors stipulated in the securities law.First of all,the behavior of using technological means to influence the market is mainly divided into high-frequency trading and the behavior of using computers to modify trading prices.High frequency trading includes four types:spoofing high frequency trading,trend triggering,blocking orders and high frequency trial orders.First,spoofing high-frequency trading can be included by false declaration manipulation,and the difference between trend triggering and spoofing high-frequency trading mostly lies in the difference in the number of orders,so both belong to false declaration manipulation.Second,the act of canceling orders belongs to market manipulation by abusing technical advantages to influence price and volume factors,while the act of trying orders does not take advantage of price and volume changes to gain profits,so it does not belong to market manipulation.Third,the use of computers to modify trading prices does not participate in the capital market mechanism,does not belong to market manipulation.Secondly,for the price or value manipulation at a specific time and the manipulation at the end of the market,both of them are behaviors that affect the price and volume by means of continuous trading,contract trading and self-trading within a specific time,so there is no need to list them as two new market manipulation behaviors in the criminal law.Because these two behaviors make use of the trading advantage in a specific period of time to conduct short-term trading,and the influence on price and volume often does not need to reach the criminal standards of the above behaviors,and the same benefits can be obtained.Therefore,we can make corresponding adjustment to the standards of them.