作者：邢会强
作者介绍：中央财经大学法学院教授
出版日期：2016年10月9日
内容提要 高频交易在我国证券市场上已经初露端倪,因其负外部性较大,亟需制定相应的监管规则予以克服。以金融法中的"三足定理"为理论指导,可以将对高频交易的法律监管分为风险监管、行为监管与竞争监管三大类别。这三类监管又以信息监管为基础,于是这四类监管共同构成了一个具有普适性的高频交易监管框架。对于高频交易,我国的监管政策选择应该是予以适当的限制或抑制。此外,对高频交易的法律监管还要树立"以快对快"的监管理念,因此,我国对高频交易的监管规则应不断及时修订,从而跟上市场之变化。
关键词 高频交易 程序化交易 三足定理 幌骗 塞单
Abstract: On Chinese stock market, the HFT has revealed its importance for the first time. Because of its negative externality, it is urgent to develop corresponding regulatory rules to overcome it. With the theoretical guidance of the "tripartite theorem" of the Financial Law, the legal supervision of the HFT can be divided into three categories: risk supervision, behavior supervision and competition supervision. As the three kinds of supervision are based on information supervision, the four kinds of supervision constitute a universally applicable framework for the regulation of the HFT. In this sense, China should restrict or curb the HFT properly and establish the regulatory concept of "match speed against speed" for the legal supervision of it. Therefore, regulatory rules of the HFT should be revised timely in order to keep pace with the changes in the market.