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我国期货市场法制在交易者保护、操纵行为规制、异常交易行为处置、强制减仓等方面有待完善。关于交易者保护,建议建立系统的期货交易者分类和适当性制度;细化期货经纪机构对交易者的保护责任,健全交易者争议解决机制;加强期货市场监管协调和违法违规行为打击力度,完善期货违法违规行为民事责任制度,在期货立法中单立“交易者保护”一章。关于操纵行为规制,建议强化期货监管机构执法权限,提高执法效果;建立一个适应我国期货市场特点、定位明确、分工合理的期货操纵监管执法机制,加强市场监控,防范期货市场操纵行为。关于异常交易行为处置,建议通过期货立法规范异常交易行为,提升效力层级,赋予交易所处置异常交易行为权限和法律依据。关于强制减仓制度,建议通过期货立法规范强制减仓,提升效力层级;监管部门审慎使用强制减仓制度;期货立法设计充分考虑各方利益平衡等。
The legal system of China’s futures market needs to be improved in terms of the protection of traders, the regulation of behavior, the handling of unusual transactions and the mandatory lighten-up. As for the protection of traders, it is suggested to establish a systematic classification and appropriateness system for futures traders; to refine the responsibility of the futures brokerage institutions for the protection of traders and improve the mechanism for the settlement of traders’ disputes; to intensify efforts to crack down on supervision and coordination of the futures market and crack down on illegal activities; Futures illegal civil liability system, a single legislation in the futures legislation “Trader Protection ” chapter. On the regulation of behavior, it is suggested to strengthen the law enforcement authority of the futures regulatory body and improve the effectiveness of law enforcement; to establish a regulatory and enforcement mechanism for futures that is suitable to the characteristics of China’s futures market, with a clear positioning and reasonable division of labor, and to strengthen market supervision and prevention of futures market manipulation. With regard to the disposal of abnormal trading behavior, it is suggested to regulate the abnormal trading behavior through futures legislation, enhance the effectiveness level, and give the exchange the authority and legal basis for handling abnormal trading. On the mandatory lighten up the system, it is recommended through the futures legislation to force lighten up to enhance the level of effectiveness; regulators prudent use of mandatory lighten up system; futures legislation and design fully consider the balance of interests of all parties.