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做市商的操纵市场行为与其控制性市场地位和为市场提供流动性的职能紧密相关,这也就决定了做市商操纵市场行为的方式具有明显特殊性。对于做市商的操纵市场行为,难以通过立法和监管规则列举的方式加以明确。监管机关依据反欺诈规则进行个案判断是认定做市商操纵市场行为的基本路径,依据证券交易法上的公平竞争原则建立市场化的监管机制是抑制做市商操纵市场行为的基本措施,完善民事赔偿制度和刑事惩罚措施也是抑制做市商操纵市场行为的重要手段。
The market manipulation by market makers is closely related to their position of controlling market and the function of providing liquidity to the market, which also determines the particularity of the way market makers manipulate market behavior. It is difficult for market makers to manipulate market behavior in ways that are enumerated by legislative and regulatory rules. The supervisory authority conducts case judgments based on the anti-fraud rules as the basic route for the market maker to manipulate the market. Establishing a market-based regulatory mechanism based on the principle of fair competition in the securities transaction law is a basic measure to curb market manipulation by market makers. The compensation system and criminal penalties are also important measures to curb market manipulation by market makers.