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本文以美国期货交易委员会2011年和2012年查处的249个案件为样本,进行了实证研究。在美国衍生品市场,最主要的违法方式是欺诈,其次是违反注册规定和操纵。违法主要分布于金融衍生品业,特别是外汇和股指衍生品业。场内和场外市场违法各约占一半。在场内金融期货市场中,股票期货的违法率最高。启示是:其一,应以反委托理财欺诈为工作重心;其二,设立违法差异化监管制度;其三,应结合我国国情引入和解制度。
In this paper, the 249 cases investigated by the U.S. Futures Commission in 2011 and 2012 are used as samples to conduct an empirical study. In the U.S. derivatives market, the primary method of fraud is fraud, followed by violation of registration rules and manipulation. Illegal distribution mainly in the financial derivatives industry, especially foreign exchange and stock index derivatives industry. Off-site and over-the-counter markets account for about half of each. In the venue of the financial futures market, the highest rate of violation of stock futures. The enlightenment is: First, we should focus on anti-trust financial fraud; Second, the establishment of illegal supervision system; Third, the introduction of reconciliation system should be based on China’s national conditions.