1 Alone or in collusion, concentrate the advantages of capital, shareholding or position, or use the advantages of information to jointly or continuously buy and sell, and manipulate the trading prices of securities and futures. The former is divided into separate and continuous transactions and conspiracy transactions. For example, large-scale fund holders, stock holders or positions use a large amount of funds or a large number of stocks and futures contracts to buy or sell a stock or futures contract continuously at high or low prices, creating the illusion that the price of the stock or futures contract will rise and fall, and inducing others to sell or chase after it. The actor himself sold stocks and futures contracts in the price skyrocketing stage, and bought a large number of stocks and futures contracts in the price plunging stage to obtain huge profits, which caused other investors to suffer huge losses. .
2. Collusion with others, trading securities and futures with each other at the time, price and manner agreed in advance, or buying and selling securities that are not held by each other, affecting the trading price or trading volume of securities and futures. The typical technique here is to buy fake and sell fake. Fake buying and selling refers to colluding with others to buy and sell each other at the time, price and manner agreed in advance, but the ownership of securities has not really changed, and one party returns the securities to the other party afterwards. Virtual buying and selling, also known as relatives' entrustment, should actually be included in the above-mentioned collusive buying and selling. Although the agents who buy and sell waste some commissions and taxes, they can create the illusion that some securities and futures are active, thus affecting the trading price or volume of securities and futures and inducing speculators to be fooled.
3. Self-buying and self-selling futures contracts that do not transfer the ownership of securities, or self-buying and self-selling futures contracts with themselves as trading objects, affect the trading price or trading volume of securities and futures. Specifically, the same company or individual opens two or more accounts in the stock exchange (which is illegal in itself), and conducts transactions with similar prices or quantities in opposite directions with different accounts at roughly the same time. The buying and selling price is not determined according to market supply and demand, but is determined at will. In fact, the ownership of securities has not changed. The behavior of self-buying and self-selling only needs to pay some commissions and taxes, but it can induce public investors to follow suit through the signs of rising and falling securities prices caused by changes in trading volume, so as to achieve the purpose of selling high or buying low.
4. Manipulating the trading prices of securities and futures by other means. The securities and futures market is still in its infancy in China, and there is a complicated process of understanding the illegal and criminal acts arising from its operation. At present, it is still unknown how many forms there are to manipulate the price of securities and futures trading and what will happen in the future. Therefore, this article makes a general provision on the behavior of manipulating the trading price of securities and futures by other methods. The so-called other methods should include the following situations:
(1) Take advantage of his position to raise or lower the trading price of securities and futures. This kind of situation mainly refers to the behavior of securities practitioners or securities management institutions to buy and sell securities by artificially lowering or raising the trading price of securities through time difference in order to achieve a certain purpose by taking advantage of their positions such as accepting entrustment and quotation. In stock trading, buyers and sellers do not meet directly, and the computer groups unspecified buyers and sellers according to the instructions of customers and the principle of time and price priority. In violation of this principle, securities institutions or their employees depress or raise the price of securities transactions in quotation, bidding and other links, they will not close the transaction, and the transactions that should not be closed will infringe the interests of investors. If the circumstances are serious, it shall be punished as a crime.
(2) empty. Zhakong refers to the behavior that a manipulation group in the securities market absorbs the circulation of a stock, so that short sellers have no other source to make up for the stock except this group, and Zhakong Group takes the opportunity to manipulate the securities price. Punching can be divided into manual punching and natural punching. Natural short selling is that several groups compete for the controlling right of the same company, so the stock price rises, and the unsuspecting people start short selling, and finally get the same result as manipulating short selling. Natural short selling does not have the intention to manipulate the price of securities trading and should not be punished as a crime; If the circumstances of stabbing by hand are serious, it shall be punished as a crime.
(3) Closed speculation. Liquidation speculation is also called speculation by using the price limit system. This is one of the means used by some powerful people to raise or suppress the stock price. The daily limit system is the highest allowable price of each stock on each trading day stipulated by the state. The original intention of establishing this system in China was to curb excessive speculation and prevent the stock price from soaring and plunging, but it was later used by some lawless elements to manipulate the market. For example, in order to achieve the purpose of pulling the boat, the actor invested a certain amount of money to buy it at the opening price, sealed the handicap at the daily limit price, creating the illusion that many parties were aggressive, and then used the reluctance of shareholders to attract more buyers to follow up, and then he used the means of rummaging around to withdraw the buying funds. According to this article, the act of manipulating the trading price of securities and futures, which constitutes a crime, must meet the standard of serious circumstances. China's securities and futures market is still in its infancy, with insufficient experience in securities market management and imperfect relevant legal systems and securities and futures industry regulations. Therefore, this law should only convict and punish the most harmful securities and futures violations. China's securities and futures regulatory authorities oppose excessive speculation, but tolerate moderate speculation in the securities and futures market. Speculation in the securities and futures markets is inevitable. The main body of securities and futures trading is for profit, and it is an eternal phenomenon that retail investors fight with bookmakers and bulls and bears. Many stocks in China stock market have bookmakers. There are many ways for bookmakers to make a fortune, all of which rely on the advantages of holding shares or money and using various means. Make all kinds of cow traps or bear traps to achieve the goal of high throwing and low sucking. If the banker does not violate the securities laws and regulations, the management tolerates his existence. If the banker's behavior is completely banned, it seems that it is not conducive to cultivating market popularity. However, as long as the banker's behavior violates the securities laws and regulations, it should be investigated; If the circumstances are serious enough to constitute a crime, criminal responsibility shall be investigated according to law. Criminal sanctions are the most deterrent and the last resort.
Because the seriousness of the case is a principled provision, it still needs legislative interpretation or judicial interpretation. The so-called serious circumstances usually mean that the actor has been punished for manipulating the prices of securities and futures markets and has carried out such acts; Causing adverse social impact; Lead to the sharp rise and fall of securities and futures prices, seriously affecting the trading order of securities and futures markets; Causing huge losses to public investors; The actor illegally gains or avoids huge losses, and so on.