A Study of Insider Trading on Single Stock Futures

• Main Authors: Chia-Yuan Kao, 高佳園
• Other Authors: Ezra Y. Wu
• Format: Others
• Language: zh-TW
• Published: 2012
• Online Access: http://ndltd.ncl.edu.tw/handle/51344655749280569127

碩士 === 銘傳大學 === 法律學系碩士班 === 100 === This thesis is to explore the lack of an insider trading provision in the article 107 of the Futures Trading Act under the underling asset of the new futures contracts from the stock index and commodity to individual stock ? For example, Single Stock Futures had low-cost, high financial leverage of characteristics, and closely related with underling stock. It may blur the boundary between traditional securities markets and futures markets to cause the criminal insider trading violations often involved in the spot market. The influence is biggest. It is doubtful that there are two laws about provision of securities trading. They are only to regulate their respective market participants, but ignore the possibility of cross-market transactions. They may not be able to reconcile with each other. Consequently, the scholars argued that there are twe lack of an insider trading provision in the article 107 of the Futures Trading Act about the regulated subjects and the construction of insider information. This thesis advocates possible solutions to the dilemma in this thesis. That can prevent the interested person use single stock futures to evade the insider trading provision of the Securities and Exchange Act and the Futures Trading Act. The author discusses the lack of an insider trading provision in the article 107 of the Futures Trading Act, and advocates possible solutions to the dilemma in this thesis. The scheme of this thesis comprises six chapters as follows: Chapter I illustrates the motives, methods and realm of this thesis. Chapter II The and Current Status of Single Stock Futures：illustrates the construction 、development、excellences and defect of Single Stock Futures. Then, This thesis is to explore the character of single stock futures from contention between the Security Exchange Commission and Commodity Future Trading Commission. Finally, I will address the question about insider trading of single stock futures. Chapter III illustrates the Shad-Johnson Accord and the Commodity Futures Modernization Act of 2000(CFMA). The security futures products include single stock futures by the Commodity Futures Modernization Act of 2000. The Security Exchange Commission and Commodity Future Trading Commission are Joint Regulation of Single Stock Futures, than Causing Regulatory Arbitrage and Interagency Turf Wars. Chapter IV illustrates the theoretical underpinnings of insider trading regulation. Than illustrates the differences between article 107 of the Futures Trading Act and article 157-1 of the Securities and Exchange Act. Chapter V discusses the lack of an insider trading provision in the article 107 of the Futures Trading Act, and advocates possible solutions to the dilemma in this thesis. Chapter VI reviews all discussion in this thesis. The author discusses the lack of an insider trading provision in the article 107 of the Futures Trading Act, and advocates possible solutions to the dilemma in this thesis.