摘要： 期货市场操纵行为一般形态的构成要件问题尚缺乏统一认识。从我国《期货和衍生品法》第12条的表述看,构成操纵似乎只需要两个要件,即使用了法律所列举的操纵手段,且影响了期货交易价格或者期货交易量。既有的期货市场操纵案件处罚决定将操纵的构成要件归为操纵行为和价格影响。立法表述遗漏了一些必要的构成要件,处罚案件则存在循环定义的问题。构成期货市场操纵实际需要四个要件,即操纵能力、操纵意图、人为价格和因果关系。其中,操纵能力是前提,解决的是具备什么样行为特征的交易者需要被纳入审查范围的问题;操纵意图是关键,解决的是区分合法与非法行为的根本标准问题;人为价格是结果,解决的是对市场造成了什么样的影响才会被归责的问题;因果关系是纽带,解决的是如何在行为与结果之间建立联系的问题。

关键词: 期货市场操纵, 操纵能力, 操纵意图, 人为价格, 因果关系

Abstract: There is a lack of theoretical consensus on the constitutive elements of the general form of futures market manipulation.From the expression of article 12 of the Futures and Derivatives Law, it seems that there are only two requirements for constituting manipulation, which are to use the manipulation methods enumerated in the law and to affect the price or volume of futures trading.The punishment decision of existing futures market manipulation cases classifies the components of manipulation as manipulation behavior and price influence.The legislative expression has omitted some necessary elements, and the punishment case has the problem of circular definition.There are actually four elements that constitute futures market manipulation, namely, manipulation ability, manipulation intent, artificial price and causation.Among them, manipulation ability is the premise, solving the problem of what kind of behavior characteristics traders need to be included in the scope of examination.Manipulation intent is the key, which solves the fundamental standard problem of how to distinguish legal and illegal behavior.Artificial price is the result, solving the problem of what impact on the market will be blamed.Causation is the link that solves the problem of how to establish a relationship between behavior and outcome.

Key words: Futures Market Manipulation, Manipulation Ability, Manipulation Intent, Artificial Price, Causation