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幌骗交易是指通过提交虚假订单、误导其他投资者并试图从中获利的交易手法。在2010年《多德—弗兰克法》通过之前,美国证券监管机构已经开始着手查处幌骗交易,并将其定性为市场操纵行为。近期美国BATs等证券交易所也建立了反市场扰乱机制,限制和禁止交易所会员及其客户从事幌骗交易。美国证券市场规制幌骗交易的经验对我国A股市场完善市场操纵监管具有借鉴意义,对于我国来说,宜将幌骗、堆单等交易行为明确为市场操纵行为并予以严惩,同时要求证券商严格履行对其客户的“合理监督”义务,并在证券交易所引入反市场扰乱机制以规制市场参与者的扰乱行为。
Fraudulent trading refers to trading practices that mislead other investors and attempt to profit from submitting false orders. Prior to the passage of the Dodd-Frank Act of 2010, U.S. securities regulators have started to investigate and deal with fraudulent transactions and characterize them as market manipulation. Recently the United States BATs and other stock exchanges have also established anti-market disruption mechanism to restrict and prohibit exchange members and their clients engage in fraudulent transactions. For the sake of our country, it is advisable for us to clear the trades such as fraud, piles and other transactions as market manipulation and severely punish, meanwhile, to require the securities dealers Strictly fulfilled its “reasonable oversight ” obligation to its clients and introduced an anti-market disruption mechanism on the stock exchange to regulate the disruption of market participants.