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股票期权作为一种以期货方式交易的证券衍生品种,与标的证券市场存在天然、内在的联系,其内幕交易也因此带有极强的跨市场运作特征。当前,股票期权业务创新正在有序推进,相关配套制度建设也在同步开展。就其内幕交易规制而言,现有的法律法规尚缺乏有针对性规定,需要作出回应与填补。本文在对股票期权内幕交易的特殊性分析的基础上,梳理境外典型案例的主要类型和监控指标,借鉴境外主要市场规制经验,检视我国股票期权内幕交易的法律规制现状,并提出完善建议。
Stock options, as a type of securities derivatives traded in futures, have a natural and intrinsic connection with the underlying securities market and therefore have strong cross-market trading characteristics. At present, the innovation of stock option business is proceeding in an orderly manner and the construction of the related supporting system is being carried out simultaneously. In terms of its insider trading rules, the existing laws and regulations still lack specific provisions and need to respond and fill in. Based on the analysis of the particularity of the insider trading of stock options, this paper sorts out the main types of overseas typical cases and the monitoring indicators, draws lessons from the experience of overseas major market regulation, examines the status quo of the legal regulation of the insider trading of stock options and puts forward the suggestions for improvement.