What is the inspiration of the "gold and silver manipulation case" for the domestic gold market specifications?

Although the domestic futures exchange has established a series of risk control methods such as the trading limit system, the position of the positioning limit, and the large household reporting system, it has occurred from the same time when the power coal is soft -forced. High requirements need to be clearly defined from the endless manipulation methods from legislation to behavior judgments.

The Morgan Chase "Gold and Silver Manipulation Case" that shocked Wall Street was finally settled. In fact, there have been rumors about JP Morgan's manipulation of the gold and silver market, especially the changes in the huge amount of silver positions in JP Morgan Chase often caused severe market fluctuations, but suffering from no evidence. The relevant news is only spread in the precious metal investment circle.

The trial results announced by the US Department of Justice finally made rumors of manipulation. However, from the content of the conviction, JPMorgan Chase and its traders were convicted because of deceitful transactions -spoofing, not previous rumors.

The so -called fraud trading is that traders use high -frequency transactions to conduct frequent reporting and withdrawals to create false liquidity, thereby attracting other investors to participate. Once other investors follow the order, they will complete the transaction by withdrawing the order and quickly reverse the transaction, that is, to induce the transaction by the way to control the market price. This method has been identified as the illegal behavior of manipulating the market since 2010.

Similar to the overseas market, the domestic market is also a zero tolerance for manipulating market behaviors. Both the CSRC and the major exchanges have fist on this behavior. Especially with the rise of domestic high -frequency trading strategies, the situation of scamming trading is also heard from time to time, and the exchange has also introduced relevant policies to prevent such incidents.

On July 29, before the announcement of the trial of the gold and silver case, the Shanghai Futures Exchange officially notified from August 5th, and began to collect information fees to customers including more than a dozen varieties including gold, silver, copper, aluminum, etc., That is, the number of transactions such as the number of transaction instructions such as the futures and options contracts, the withdrawal or inquiry of the transaction instructions will be charged for the application fee, and the charging standard increases with the increase of the number of transaction instruction pens.

This can respond to frequent reporting and withdrawal of false liquidity in high -frequency transactions to create false liquidity by increasing the cost of transaction costs, and prevent scamming transactions.

However, just like the overseas market, it is difficult to confirm the difficulty of affecting the market price through a large number of positions. Although the domestic futures exchange has established a series of risk control methods such as the trading limit system, the position of positioning limit, and the large household report system. However, similar to the previous situation of power coal forced warehouses, this occurred, which put forward higher requirements for regulators and exchanges, and clearly defined the endless manipulation methods from legislation to behavior judgments.

For example, for example, the U.S. Congress in the 2008 financial crisis in the "Dodd-Frank Act" for the first time clarified the illegal trading transaction. The constituent elements have clearly stipulated that with the effectiveness of the CFTC guidance, many US exchanges have promulgated the rules of self -discipline supervision of anti -scam transactions, and completed the legislation from the legislature -to the regulatory agency clearly defined the behavior guidance- The exchanges issued three steps to the relevant self -regulations, which clearly clarified the illegal act of deceiving transactions from various levels.

In China, the "People's Republic of China Futures and Derivation Laws" officially implemented in August this year also specifically defined nine types of manipulation market behaviors, and clarified the violations of market behaviors from the legal level. In the next step, the CSRC and the exchange will further clarify relevant illegal acts, introduce the rules of behavior, and escort the domestic financial markets.

(The above content does not constitute an investment suggestion or operating guide, entered the market according to this, and the risk is on its own)

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