关于操纵期货、证券交易价格罪若干问题的探讨

操纵证券交易价格罪是 1997年刑法设立的新罪名 ,1999年 12月 2 5日《中华人民共和国刑法修正案》又将其改为操纵证券、期货交易价格罪。此罪的设立和适用引起了刑法理论界与司法实务界的关注与争议。对操纵证券、期货交易价格罪的立法基础、概念与构成要件、认定、处罚等若干问题的探讨 ,有助于正确认定此罪 ,准确适用刑罚。     

Cultures of high-frequency trading: mapping the landscape of algorithmic developments in contemporary financial markets

Abstract

As part of ongoing work to lay a foundation for social studies of high-frequency trading (HFT), this paper introduces the culture(s) of HFT as a sociological problem relating to knowledge and practice. HFT is often discussed as a purely technological development, where all that matters is the speed of allocating, processing and transmitting data. Indeed, the speed at which trades are executed and data transmitted is accelerating, and it is fair to say that algorithms are now the primary interacting agents operating in the financial markets. However, we contend that HFT is first and foremost a cultural phenomenon. More specifically, both individuals and collective agents – such as algorithms – might be considered cultural entities, charged with very different ways of processing information, making sense of it and turning it into knowledge and practice. This raises issues relating to situated knowledge, distributed cognition and action, the assignment of responsibility when regulating high-speed algorithms, their history, organizational structure and, perhaps more fundamentally, their representation.     

Organizational ignorance: an ethnographic study of high-frequency trading

Abstract

This paper provides an analysis of strategic uses of ignorance or not-knowing in one of the most secretive industries within the financial sector. The focus of the paper is on the relation between imitation and ignorance within the organizational structure of high-frequency trading (HFT) firms. In social studies of finance (SSF) literature imitation is considered a strategic act, i.e. imitation is a term applied when traders copy the strategies of other traders. I wish to turn this relation between ignorance and imitation on its head and consider ignorance itself as a strategic unknown and investigate the kinds of imitations that might be produced from structures of not-knowing (i.e. structures intended to divide, obscure and protect knowledge). This point is illustrated through ethnographic studies and interviews within five HFT firms. The data show how a black-box structure of ignorance is replicated within the organizational setting of these firms and re-enacted by the traders. Towards the end of the paper the politics of the relationship between imitation and ignorance is discussed.     

Emission Trading Restrictions with Endogenous Technological Change

In this paper we use a simple climate model for endogenous environmental technical change in order to analyse the effects on equity and efficiency of placing different degrees of restrictions on trade in the market of pollution permits. The model is obtained by incorporating in Nordhaus and Yang (1996)'s RICE model a notion of induced technical change close to the one proposed in Goulder and Mathai (2000). With the help of such a model, we assess the pros and cons of introducing ceilings on emission trading. In particular, we analyse both the cost effectiveness and the distributional effects of placing restrictions of trading emissions. The analysis takes into account the role of environmental technical change that could be enhanced by emission trade limitations. However, this effect is shown to be offset by the increased abatement cost induced by the larger than optimal adoption of domestic policy measures when ceilings are made binding. Hence, our analysis provides little support for quantitative restrictions of emission trading, even when these restrictions actually have a positive impact of technical change. Even in terms of equity, ceilings find no justification within our theoretical and modelling framework. Indeed, we find that flexibility mechanisms in the presence of endogenous technical change increase equity and that the highest equity levels are achieved without ceilings, both in the short and in the long run.     

Market Darwinism vs. Market Creationism: Adaptability and Fairness in the Design of Greenhouse Gas Trading Mechanisms

International rule-making and compliance routines with respect to the Kyoto Protocol are evolving rapidly. This paper examines potential designs of emissions-trading programs by comparing the emissions credit trading (ECT) and cap-and-trade models for achieving cost-effective reductions in atmospheric greenhouse-gas (GHG) loading in terms of their adaptability and fairness. Adaptability is a valuable attribute when markets and their governing institutions are evolving rapidly or when regulated entities do not yet have well-established and predictable compliance routines. Fairness in both procedures and outcomes is central to efforts to establish and maintain institutions of international governance. The key difference concerns the awarding of tradable emission rights, which occurs at the launch of a cap-and-trade program but following when firms reduce emissions below baselines in an ECT scheme. Implications of this difference are explored in terms of institutional adaptability and fairness during program-design stages. By not locking in emission rights at the outset, and by being amenable to incremental roll-out, ECT appears to have superior adaptive and fairness qualities during periods of rapid institutional evolution.     

Financial intermediation in the securities markets law and economics of conduct of business regulation

The economic theory explains the role performed by intermediaries in financial markets. In securities markets, in particular, intermediaries act as facilitators of the financial exchange. In this context, conduct of business regulation is justified on the basis of structural problems of asymmetric information affecting the relationship between securities professionals and the individual investor.In this paper, two major conduct of business rules are analysed in the light of the kind of market imperfections they should be intended to address: the suitability and the anti-churning rules. From a functional perspective, the analysis merges major insights of financial theory with a comparative discussion of the legal rules in both the U.S. and the European Union. Law and economics approach to the matter leads to a much broader and more economically sound interpretation of the “churning” problem. This is related to an agency-based explanation of one of the most topical puzzles under debate in financial economics: the problem of noise trading.     

世界贸易组织面临的挑战与改革

世界贸易组织(WTO)自成立以来发展的历程从来都不是一帆风顺的。以WTO为代表的多边贸易体制在发展中面临着诸多严峻挑战,正处于十字路口。由于管辖范围不断向纵深发展、成员日益增多,WTO本身组织结构、决策机制等问题日益突出。西雅图会议的失败给WTO敲响了警钟。WTO应进行及时有效的改革,以崭新的面貌迎接新时代的挑战。     

中印贸易关系的国际政治经济学分析

国际政治经济学为我们理解国际贸易提供了一个清晰简易的视角,通过这一视角,我们能够更好地理解国际贸易理论,并在此指导下更好地分析国际社会上的贸易行为。中国和印度的贸易额迅速增长,是对方增长速度最快的贸易伙伴之一。两国的产业结构既存在互补的方面,也存在竞争的一面。本文试通过国际政治经济学视角下的国际贸易理论,从影响两国贸易关系的经济和政治两方面的因素对中印贸易关系进行分析。     

证券内幕交易民事责任功能质疑

在内幕交易中,内幕人的交易行为和公司内部信息不公开实际上有不同的受害者。内幕交易行为和投资者损失之间通常没有因果关系,投资者所遭受的损失主要来自市场信息风险。如果法律在技术上允许因果关系推定以便利民事诉讼,就应当限制内幕交易人的赔偿责任,没有理由将投资者的市场决策风险转嫁给事后被发现的内幕交易者。受调查能力等限制,民事诉讼在协助执法、威慑内幕交易方面的功能是极其有限的。通过不同方式加强公共尤其是行政执法是更有效率的政策选择。     

析我国融资融券交易风险防范法律制度的不足与完善

金融立法并非纯规则逻辑的分析与考证,它要求立法者必须从金融业务本身的风险分析出发,并结合一国特殊的情势创制相应的风险防控法律规则。只有如此,才能在兼顾法律规范功能的基础上确保法律效果功能的如愿释放。虽然我国融资融券法律平台的构建在形式上遵循了“真理是时间的产物,而非权威产物”的真知,但是在批判视角下所裸露的不足说明立法还是相当稚嫩的。从风险及中国特色的社会环境等层面来思考法律的欠缺不仅是必须的,而且也是可行的。