At last weekend, the CSRC released a lot of important information about the futures market. On November 22, in order to crack down on the manipulation of futures market, CSRC issued the provisions on "other manipulation of futures trading price" in Item 5, Article 70 of Regulations on the administration of futures trading. This new regulation explicitly prohibits four kinds of futures market manipulation: false declaration, demagoguism, hat snatching and position squeezing, which becomes a new basis for the supervision of domestic futures price manipulation.

According to Article 70 of the current Regulations on the administration of futures trading, any institution or individual that manipulates the futures trading price in one of the following ways shall be ordered to correct, the illegal income shall be confiscated and a fine of not less than one time but not more than five times the illegal income shall be imposed; if there is no illegal income or the illegal income is less than 200000 yuan, a fine of not less than 200000 yuan but not more than 1 million yuan shall be imposed:

1. Manipulating the futures trading price by combining or conspiring with the advantages of funds, positions or information to jointly or continuously buy or sell contracts;

2. Deliberately colluding to conduct futures trading with each other at the time, price and manner agreed in advance, thus affecting the futures trading price or volume;

3. Taking oneself as the trading object, buying and selling by oneself, affecting the futures trading price or volume;

4. Hoarding spot goods for the purpose of influencing the futures market;

5. Other acts of manipulating futures trading prices as prescribed by the futures regulatory authority of the State Council.

If an institution commits any of the acts listed in the preceding paragraph, the persons who are directly in charge and the persons who are directly responsible shall be given a warning and fined not less than 10000 yuan but not more than 100000 yuan. Article 5 has not been clearly stated before.

For this time, the CSRC clearly identified four types of futures trading price manipulation behaviors. Market people generally believed that it would be conducive to regulating the futures trading market, better realizing the function of price discovery of futures prices, and truly reflecting the supply and demand expectations of the spot market, so as to help enterprises to hedge more efficiently.

Since this year, it has become one of the key points of supervision to continuously improve the cost of capital market violations, but on the whole, the cost of capital market violations in China is still too low. Market participants believe that after the promulgation of the regulations, the cost of illegal futures market needs to be further increased.

上周末，证监会发布诸多关于期货市场的重磅内容。11月22日，为打击期货市场操纵，中国证监会发布《关于<期货交易管理条例>第七十条第五项“其他操纵期货交易价格行为”的规定》。这一新规明确禁止四类期货市场操纵行为：虚假申报、蛊惑、抢帽子、挤仓，成为针对国内期货价格操纵行为的监管新依据。

现行《期货交易管理条例》第七十条规定，任何单位或者个人有下列行为之一，操纵期货交易价格的，责令改正，没收违法所得，并处违法所得1倍以上5倍以下的罚款；没有违法所得或者违法所得不满20万元的，处20万元以上100万元以下的罚款：
一、单独或者合谋，集中资金优势、持仓优势或者利用信息优势联合或者连续买卖合约，操纵期货交易价格的；
二、蓄意串通，按事先约定的时间、价格和方式相互进行期货交易，影响期货交易价格或者期货交易量的；
三、以自己为交易对象，自买自卖，影响期货交易价格或者期货交易量的；
四、为影响期货市场行情囤积现货的；
五、国务院期货监督管理机构规定的其他操纵期货交易价格的行为。单位有前款所列行为之一的，对直接负责的主管人员和其他直接责任人员给予警告，并处1万元以上10万元以下的罚款。其中第五条此前并没有明确说明。
对于此次证监会明确对四类操纵期货交易价格行为作出认定，市场人士普遍认为，将有利于规范期货交易市场，有利于期货价格更好地实现价格发现的功能，实现真实反映现货市场供求预期的作用，从而帮助企业更高效地进行套期保值。
今年以来，不断切实提高资本市场违法违规成本成为监管的重点之一，但从整体看，我国资本市场违法违规的成本仍然太低。市场人士认为，《规定》颁布后，下一步期货市场违法违规成本也需要进一步提高。