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市场操纵行为是对运行良好的商品期货市场的潜在威胁。在美国,商品期货委员会(CFTC)是监管商品期货市场的核心机构。CFTC的反市场操纵的措施以实时市场监察(market surveillance)和大户报告制度(large position reporting)为基础,辅之以投机头寸限制(speculative position limits)。本文从国外文献中寻找理论和实证依据,重新审视这两种措施的必要性和合理性,从而为我国更有效防范商品期货市场操纵行为提供一些启示。
Market manipulation is a potential threat to a well-run commodity futures market. In the United States, the Commodity Futures Commission (CFTC) is the core regulator of the commodity futures market. The CFTC’s anti-market manipulation measures are based on real-time market surveillance and large position reporting, backed by speculative position limits. This article from the foreign literature to find the theoretical and empirical evidence to re-examine the necessity and rationality of these two measures to provide some inspiration for our country to effectively prevent manipulative behavior of the commodity futures market.