期货市场是否存在内幕交易以及如何有效监管是各界关心的重要问题。考察境外案例和立法例发现,期货市场存在内幕交易和专门的禁止性规定。不同于证券内幕交易,期货内幕信息主要包括宏观“黑天鹅”信息与微观“被卧底”信息。典型的套期保值不是内幕交易。建议深化认识,明确要件,完善敏感性政府信息的保密与披露,积极完善我国期货市场内幕交易制度的构建。 The existence of insider trading in futures markets and how to supervise them effectively are important issues of common concern. Examining overseas cases and legislation found that there were insider trading and special prohibitions in the futures market. Unlike securities insider trading, futures insider information mainly includes macro “black swan” information and microscopic information “undercover”. Typical hedging is not insider trading. It is suggested that we deepen our understanding and clarify the requirements so as to improve the secrecy and disclosure of sensitive government information and actively improve the construction of the insider trading system in the futures market in China.