The behavior of manipulating market prices means that institutions and large investors participating in market transactions deliberately violate the relevant national futures trading regulations and the trading rules of the exchange in order to make huge profits. It violates the principles of openness, fairness and impartiality in the futures currency market. Individually or in collusion using unfair means to seriously distort futures market prices and disrupt market order. Market manipulators mainly take advantage of their advantages in funds, commodities, information, etc. to build large quantities of positions in violation of regulations, affecting the price of the futures market and creating false impressions in the futures market. Thereby manipulating market prices and making huge profits. The main methods used are:

(1) Dividing warehouses. In order to hold excessive positions, influence prices and manipulate the market, exchange members or customers borrow the seats of other members or other customers to engage in futures trading on the exchange. To circumvent the exchange's position limit regulations, its total positions in each seat exceed the exchange's position limit for that customer or member.

(2) Shifting positions (reversing positions). Exchange members transfer positions from one seat to another in order to create the illusion of mid-term trading or to transfer profits. It's called moving position (reversing position). For example, member A has 10 long soybean positions on his seat, and the buying price is 2,800 yuan/ton. When the mid-term price rises to 2,850 yuan/ton, member A’s floating profit is 50 yuan/ton (2,850 yuan/ton). 2800). At this time, member A sells 10 soybean contracts at a price of 2850 yuan/ton in his seat to close out his original long position and realize a profit of 50 yuan/ton. At the same time, member B sells 50 yuan to his seat in the seat related to him. Buy 10 soybean contracts at a price of / ton. In this way, Member A’s total position is still 10 long positions, but the floating profit has been converted into actual profit.

(3) Knock on each other. In order to create the illusion of mid-term, exchange members or customers attempt to or actually seriously affect futures prices or mid-term positions, deliberately collude, conduct transactions or buy and sell each other in accordance with the pre-agreed method or price. For example, the latest transaction price of soybean futures contract in the futures currency market is 2,800 yuan/ton, and member A sells 1 contracts at a quotation of 2,850 yuan/ton. If there is no prior agreement, someone can buy the contract sold by member A at this high price. . Member B made an agreement with Member A in advance to buy 100 lots at the quoted price of 2,850 yuan/ton, so the computer concluded the transaction. At this time, a transaction price of 2,850 yuan/ton appeared in the market, pulling down the original mid-field price. It is 50 yuan/ton higher.

(4) Forced position. Members or customers of futures exchanges use their financial advantages to deliberately raise or lower futures market prices by controlling futures trading positions or monopolizing spot commodities available for delivery, and hold excessive positions and deliver. The act of forcing the counterparty to default or close the position at an unfavorable price to make huge profits. According to different operating techniques, it can be divided into two methods: "long squeeze short" and "short squeeze long".

① Long squeeze short. In some small varieties of futures trading, when market manipulators anticipate that there will be insufficient spot commodities available for delivery, they use their financial advantages to establish sufficient long positions in the futures market to drive up futures prices, and at the same time acquire and hoard large quantities of commodities available for delivery. In kind, the price in the spot market rises at the same time. In this way, when the contract is about to be delivered, the short-selling members and customers will either buy back the futures contract at a high price and admit their losses to close the position; or they can buy the spot goods at a high price and order physical delivery, or even be fined for breach of contract because they cannot deliver the physical goods. In this way, the long positions Position holders will make huge profits from it.

Short squeeze. Market manipulators take advantage of capital or physical goods to sell a large number of certain futures contracts in the futures market, so that their short positions greatly exceed the ability of many parties to undertake physical goods. As a result, the price of the futures market fell sharply, forcing speculative bulls to sell the contracts they held at low prices and admit losses, or to use their financial strength to receive the goods and be fined for breach of contract, thus making huge profits.

When market manipulation occurs, it often causes violent fluctuations in futures prices, causing large losses to small and medium-sized retail investors. In order to avoid greater losses, or the margin has been lost to the minimum level specified by the exchange or brokerage company. And when there is no ability to increase margin. You have to close your position and admit your losses and you are out. This is called liquidation. If the futures price continues to rise and fall in the same direction, even if the customer wants to admit the loss and exit the position, the transaction will not be completed. The customer's loss will further increase. In the end, the margin account will be completely lost or even have a deficit (negative number). When the customer is unable to make additional payments, an overdraft will be formed. When in this state, it is called liquidation or liquidation.

Forced liquidation generally refers to exchanges or futures brokers based on the margin system or position limit system. When a member or client's margin loss reaches a specified level or a client violates the position limit regulations, the member's or client's position is forced to be liquidated. The main purpose is to control transaction risks. When market manipulation occurs, forced liquidation is required. Positions are used by exchanges as a means to reduce huge positions and reduce market risks. Market price manipulation refers to the deliberate violation of national futures trading regulations and exchange trading rules by institutions and large investors participating in market transactions in order to make huge profits. It violates the principles of openness, fairness and impartiality in the futures currency market. Individually or in collusion using unfair means to seriously distort futures market prices and disrupt market order. Market manipulators mainly take advantage of their advantages in funds, commodities, information, etc. to build large quantities of positions in violation of regulations, affecting the price of the futures market and creating false impressions in the futures market.

Thereby manipulating market prices and making huge profits.

When market manipulation occurs, it often causes violent fluctuations in futures prices, causing large losses to small and medium-sized retail investors. In order to avoid greater losses, or the margin has been lost to the minimum level specified by the exchange or brokerage company. And when there is no ability to make additional margin calls. You have to close your position and admit your losses and you are out. This is called liquidation. If the futures price continues to rise and fall in the same direction, even if the customer wants to admit the loss and exit the position, the transaction will not be completed. The customer's loss will further increase. In the end, the margin account will be completely lost or even have a deficit (negative number). When the customer is unable to make additional payments, an overdraft will be formed. When in this state, it is called liquidation or liquidation. Liquidation generally refers to exchanges or futures brokers based on the margin system or position limit system. When a member or client's margin loss reaches a specified level or a client violates the position limit regulations, the member's or client's position is forced to be liquidated. The main purpose is to control transaction risks. When market manipulation occurs, forced liquidation is required. Positions are used by exchanges as a means to reduce huge positions and reduce market risks.

Market manipulation seriously distorts futures market prices, hinders the price discovery and hedging functions of the futures currency market, and is extremely harmful. Therefore, regulatory authorities and futures exchanges in various countries have taken strict measures to prevent and crack down on market manipulation. Article 62 of the "Interim Regulations on the Administration of Futures Trading" stipulates: "Any unit or individual who commits any of the following acts and manipulates futures trading prices shall be ordered to make corrections, the illegal gains shall be confiscated, and a fine of not less than 1 time but not more than 5 times of the illegal gains shall be imposed; no If the illegal income or illegal income is less than 200,000 yuan, a fine of not less than 200,000 yuan but not more than 1 million yuan shall be imposed; if a crime is constituted, criminal liability shall be investigated in accordance with the law: (1) Individually or in collusion, concentrating capital advantages, position advantages, or using information advantages to combine Or continuously buy and sell futures contracts to manipulate futures trading prices; (2) Deliberately collude to conduct futures transactions with each other according to the time, price and method agreed in advance, affecting the futures trading price or futures trading volume; (3) Target oneself as the trading object , buying and selling for oneself, affecting the futures trading price or futures trading volume; (4) hoarding physical goods in order to influence the futures market; (5) engaging in other behaviors of manipulating futures trading prices as prescribed by the China Securities Regulatory Commission. ”

If a unit commits any of the acts listed in the preceding paragraph, the directly responsible person in charge and other directly responsible personnel shall be subject to disciplinary sanctions and shall be fined not less than RMB 10,000 but not more than RMB 100,000. In addition, Article 182 of the Criminal Law stipulates: “Whoever, under any of the following circumstances, manipulates the securities or futures markets, if the circumstances are serious, shall be sentenced to fixed-term imprisonment of not more than five years or criminal detention, and shall also or solely be fined; if the circumstances are particularly serious, shall be sentenced to fixed-term imprisonment of not less than five years but not more than ten years, and shall also be fined: (1) Individually or in conspiracy, concentrate on capital advantages, shareholding or position advantages, or use information advantages to jointly or continuously trade, manipulate securities, futures trading prices or securities, futures trading volume; (2) colluding with others to conduct securities and futures transactions with each other at a pre-agreed time, price and method, affecting the securities and futures trading prices or securities and futures trading volumes; (3) under one's actual control Conducting securities transactions between accounts, or using oneself as the trading object, buying and selling futures contracts, affecting the trading prices of securities and futures or the trading volume of securities and futures; (4) Manipulating the securities and futures markets in other ways. "< /p>

If a unit commits the crime in the preceding paragraph, the unit shall be fined, and the person directly in charge and other directly responsible personnel shall be punished in accordance with the provisions of the preceding paragraph.