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证券交易异常情况威胁着证券市场的健康发展。《证券法》应当发挥其应有的作用,确保证券交易异常情况的处置能够从证券交易基本规律出发,在实体和程序都具有正当性的制度框架下进行。本文以证券交易所的角色与职能为中心,结合中外证券市场若干典型案例,从证券交易异常情况的引致原因、处置措施、归责原则等方面展开分析,深入剖析了其中的基础性、关键性问题,指出《证券法》现有规定的不足,并提出了有针对性的完善建议。
The abnormal situation of securities trading threatens the healthy development of securities market. “Securities Law” should play its due role to ensure that the disposal of anomalies in securities transactions can proceed from the basic rules of securities transactions and be conducted under the institutional framework of legitimacy of entities and procedures. Based on some typical cases of stock exchanges in and out of China, this paper analyzes the causes, disposal measures and principles of attribution of anomalies in stock exchanges, and analyzes in depth the basic and key issues Problems, pointed out the inadequacy of the existing provisions of the Securities Law and put forward some suggestions for improvement.