Insider trading refers to insider buying and selling securities or helping others according to inside information, which violates the principle of "openness, fairness and justice" in the securities market and seriously affects the function of the securities market. At the same time, insider trading makes the formation process of securities prices and indexes lose timeliness and objectivity. It makes the stock price and index become the result of speculation by a few people using inside information, rather than the result of comprehensive evaluation of the company's performance by the investing public, and finally makes the stock market lose its function of optimizing resource allocation and acting as a barometer of the national economy. Insider trading will inevitably damage the order of the securities market. Therefore, the Securities Law expressly prohibits this kind of behavior.
Second, the way of insider trading of securities
According to the relevant provisions of the Securities Law, insider trading in securities can be divided into three categories:
1. Buying and selling securities related to inside information. That is, insiders buy and sell related securities directly or through other people's securities accounts.
This kind of insider trading does not take the subjective intention of the actor to make profits or avoid losses as the necessary condition for identification. In other words, it is illegal for insiders to use insider information to buy and sell related securities, regardless of gains and losses, and they should bear relevant legal responsibilities.
2. Leak inside information. Leaking means that the actor leaks or divulges confidential inside information to a specific object. Those who disclose inside information should bear corresponding legal responsibilities as long as they objectively carry out the act, regardless of whether their motives are intentional or negligent.
3. Advise others to buy and sell securities. Insider does not directly tell others the contents of inside information, but suggests buying and selling securities related to inside information. Suggesting behavior is a kind of behavior that urges others to trade related securities. The proposer either has no intention to trade securities at all, or has no intention to trade such securities, or is uncertain about the trading volume and price. The actor's suggestion plays an encouraging, promoting and guiding role.
Three. Futures insider trading method
According to the relevant provisions of the Regulations on the Administration of Futures Trading, the ways of futures insider trading include:
1. The insider of the information or the person who illegally obtains the inside information of futures trading uses the inside information to engage in futures trading before the information that has a significant impact on the futures trading price is made public.
2. The insider of the information or the person who illegally obtains the inside information of futures trading will disclose the inside information to others before the information that has a significant impact on the futures trading price is made public, so that others can use the inside information to conduct futures trading.