法治视野下程序化交易的市场公平性影响及相关民事责任探讨

发布时间：2018-02-25 05:17

本文关键词： 程序化交易资本市场市场公平性民事责任　出处：《理论月刊》2015年07期 　论文类型：期刊论文

【摘要】：作为近年来资本市场的热门话题,程序化交易对市场交易方的利益得失发挥着越来越重要的效应,围绕其引发的民事赔偿等法律热点事件也开始出现。程序化交易者凭借其信息技术及资金优势,使其他中小投资者处于不利的竞争地位。在遇到极端事件时,中小投资者可能会面临严重损失,相关民事主体应依法承担民事责任。囿于相关法规基本处于缺位状态,在法治深入人心的今天,有必要分析程序化交易内涵及其对市场公平性带来的影响,并从民事责任主体、归责原则、行为及损害后果、因果关系及举证责任、损害赔偿、民事诉讼方式等几个方面对程序化交易民事责任问题进行探讨,以期完善相关立法,更好地维护中小投资者的合法权益。
[Abstract]:As a hot topic in the capital market in recent years, procedural trading plays a more and more important role in the benefit and loss of the trading parties in the market. Procedural traders, relying on their advantages of information technology and funds, make other small and medium-sized investors in a disadvantageous competitive position. Small and medium-sized investors may face serious losses, and relevant civil subjects should bear civil liability according to law. Due to the basic absence of relevant laws and regulations, the rule of law is deeply rooted in the people's mind today. It is necessary to analyze the connotation of procedural transaction and its influence on the fairness of the market, and from the subject of civil liability, the principle of imputation, the behavior and the consequences of damage, the causality and the burden of proof, and the compensation for damages. In order to perfect the relevant legislation and protect the legal rights and interests of small and medium-sized investors, the civil liability of procedural transaction is discussed in several aspects, such as the way of civil action.
【作者单位】：华东政法大学研究生教育院;上海金融学院统计系;
【基金】：国家自然科学基金青年项目(71401105) 上海市自然科学基金面上项目(13ZR1427200) 上海市教委科研创新项目(13YZ126) 上海金融学院2014年青年教师科研资助计划项目
【分类号】：D923

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