| Under the price influence-based theory of regulation of futures market manipulation, manipulation is defined as the behavior of deliberately creating artificial price. The judgment of artificial price depends on the alternative price standard, that is, the comparison method of reference frame often used in law enforcement practice. This judgment method is not only difficult to be proved, but also so vulnerable that can be challenged in administrative penalty hearings or court debates, resulting in weak supervision of futures market manipulation. To change this situation, first of all, when judging whether manipulation causes artificial price, the focus should be on the forces and factors affecting market prices, rather than on whether the price caused by manipulation deviates from the level expected under the normal forces of supply and demand. Secondly, intent should be regarded as the core element of manipulation, and the analytical framework of price impact test should be used to make a comprehensive judgment supported by the actor's improper behavior and other direct or indirect evidences and supplemented by economic or empirical analysis. Finally, when the actor's manipulative behavior has not caused or could not be proved to have caused artificial price, the regulation of attempted manipulation should be introduced. |
京公网安备11010102006664号 京ICP备2023015853号