Analysis On Related Cases Of Information-based Market Manipulation

With the development of the securities market,the number of my country’s information-based market manipulation is on the rise.The three cases of Que Wenbin and Xie Jiarong’s manipulation of the securities market are typical cases of information-based market manipulation,continuous trading manipulation using information advantages,determination of market value management,and application of rules for determination of illegal gains are securities disputes over information-based market manipulation.The focus of the dispute is mainly: the identification of manipulation with information advantage in information-based market manipulation;how to distinguish the identification and analysis of information-based market manipulation with market value management;illegal income calculation standard determination problem.Regarding information-based market manipulation,manipulating by using information advantages,starting from the elements,and distinguishing from concepts such as false statement and insider trading,it is proposed that manipulating by using information advantages is different from using information advantages to continuously trade and manipulate and using information advantages to manipulate.The former should be regarded as an independent act that defines information manipulation,in the case that the current law does not clearly stipulate the applicable provisions,it shall be regulated by the application of the bottom line.Regarding the differences in the determination of information-based market manipulation and market value management,the determination of market value management cannot rigidly determine each behavior independently,but should integrate existing behaviors,objective effects and subjective intentions.Comprehensive analysis of transfers,stock price movements,and subjective intentions to distinguish whether behavior is information-based market manipulation or market value management.Regarding the identification and calculation standards of illegal income,the judicial interpretation currently only defines the concept of illegal income,and there are different views on how to calculate the amount of illegal income in practice and in academia.Problems such as computing nodes and computing scopes give specific deconstruction paths.At the same time,after analyzing the academic,jurisprudence and practical viewpoints on the three disputed points,it conducts a targeted evaluation and analysis on the three cases.Based on the existing legal problems,in the extended thinking section,this paper puts forward suggestions on distinguishing models for manipulation by using information advantages and continuous trading and manipulation by using information advantages.For information-based market manipulation and market value management,it proposes to establish a case database of pseudo market value management.In view of the lack of legislation on the current calculation standards for illegal income,it is suggested that the perpetrators’ rebuttal evidence should be included in the judicial interpretation.