法學期刊
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論著名稱:
臺灣與美國期貨交易法對於防止市場操作規範之比較分析研究(A Comparative Analysis on the Treatment of Market Manipulation Under Regulation of Futures Market between U.S. and Taiwan)
文獻引用
編著譯者: 方元沂
出版日期: 2010.11
刊登出處: 台灣/華岡法粹第 48 期/171-195 頁
頁  數: 25 點閱次數: 1245
下載點數: 100 點 銷售明細: 權利金查詢 變更售價
授 權 者: 方元沂
關 鍵 詞: 期貨市場操縱期貨交易法第 106 條寒蟬效應合法投資行為期貨交易與衍生性商品
中文摘要: 隨著期貨交易法的通過與期貨市場的進一步開放,近幾年來,台灣的期貨交易市場迅速發展,並創造了許多經濟效益。然而,期貨交易法對於防止市場操縱規範並未伴隨著市場發展而與時更新。事實上,我國期貨交易法第 106 條對於達反市場操縱缺乏明確的定義,且法院和金管會也並未對此條文提出解釋,這對易招致市場操縱者攻擊的期貨市場與合法投資的投機和避險者而言,產生巨大的風險和可能的嚴重傷害。相較於台灣規範的不足,美國期貨交易法對於防止市場操縱的規範,透過案例法的發展,已非常的成熟完整。故本文針對美國防止期貨市場操縱的規範提出介紹,並進一步比較分析其與台灣期貨交易法下的防止市場操縱規範有何異同,並嘗試提出未來設計台灣期貨交易法防止操縱規範的建言。
英文關鍵詞: Market Manipulation of Futures MarketFutures Trading Act Article 106Chilling EffectLegitimate Investment Behaviors
英文摘要: Along with the passage of Taiwan's Futures Trading Act and the opening of Taiwan's futures market, Taiwan's Futures Market has rapidly grown up and has created many economic benefits during recent years. However, the anti-manipulation regulation under Futures Trading Act does not change in timely manner to reflect and deal with the change of the market. In fact, Taiwan's Futures Trading Act Article 106 does not provide a clear definition of the market manipulation and its elements that an accuser needs to establish. Moreover, both Taiwan's courts and government agent do not clarify this problem by their opinions. Accordingly, both futures market with its nature to be easily attacked by the manipulator and legitimate investors suffer enormous risk and potential irrevocable harm. Contrast to Taiwan's regulation, U.S.'s anti-manipulation regulation in futures market through its case law system has been well-developed for many decades. Hence, this article introduces U.S.'s anti-manipulation regulation in the futures market. This article also compares and analyzes the similarities and differences between Taiwan's anti-manipulation regulation and U.S.'s one. This article also provides suggestions for the future improvement of the anti-manipulation regulation in Taiwan's futures market.
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相關論著:
方元沂,臺灣與美國期貨交易法對於防止市場操作規範之比較分析研究,華岡法粹,第 48 期,171-195 頁,2010年11月。
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