【作者】 陈亦聪；

【导师】 罗培新；

【作者基本信息】 华东政法大学 ， 经济法， 2013， 博士

【摘要】 证券市场发展至今，已经演化为一个高度技术化、系统化和敏感化的庞大体系。除了通常所说的不可抗力、意外事件等传统风险因素影响证券交易的正常进行之外，日益频繁的技术故障以及人为差错造成的“乌龙指”事件等，已经成为引发证券交易异常的主要原因，严重损害证券市场的功能与秩序。证券市场的法律制度与监管政策由此面临严峻的挑战，即在速度越来越快、规模越来越大的证券市场上，能否找到有效方式来预防和处置证券交易异常情况，切实维护市场秩序，保护投资者利益和公共利益。这是一个世界性的难题。在法制层面，如何正确看待证券交易异常情况的风险本质，如何合理设计证券交易异常情况处置措施，如何有效分配证券交易异常情况及其处置中的风险与责任，如何平衡与协调不同主体、不同层面的利益诉求与价值目标，最终确保证券交易异常情况的防范与处置能在实体和程序上均具正当性、合理性与确定性的法制框架下进行，是摆在我们面前的严肃课题，无疑具有重要的理论价值和现实意义。本文以法律规制为视角，以证券交易异常情况的处置与监管为基础分析框架，在梳理、分析中外证券市场典型案例的基础上，从证券交易异常情况的表现形式、产生原因、自律处置、外部监管以及责任分配等方面展开论述与分析，深入剖析了其中的基础性、关键性法律问题，并对完善该领域配套制度提出了具体建议。全文除导言之外，共分五章，22万余字。第一章是对证券交易异常情况的综述，第二至第五章分别从自律管理、行政监管、民事责任以及制度完善等四个方面，对证券交易异常情况的法律规制进行了分析和阐述。主要内容如下：第一章“证券交易异常情况的多维透视”。本章主旨在于描述证券市场的集中交易遭遇了哪些异常情况的干扰，从产生环境、表现形式、引发原因以及市场危害等多个角度来介绍和审视证券交易异常情况，力图呈现一个立体画面，便于读者对这个相对陌生的领域形成初步的了解和认识，并为后续法律分析和解读奠定基础框架。证券交易异常情况来自于对市场实际情况的概括和总结，人们对它尚未形成一个系统、完整的认识。在实践中，证券交易异常情况的表现样态复杂多样，对它的认识也可以有多个不同的切入点。从本文研究的目的出发，既要从现象本身了解它的基本样貌，又要从法律角度进行具有分析意义的解构，还需要在概念层面作出界定与类型划分。为此，本章首先对证券交易异常情况产生的市场环境——证券交易所市场的基本特征做了简要介绍，进而呈现证券交易异常情况的内生性特征。在此基础上，本文选取了对证券交易异常情况作出正面、直接规定的证券交易所业务规则所建立的分析框架，并结合市场实例，对证券交易异常情况的表现形式进行了类型化描述。由此所形成的一个初步的概念是，证券交易异常情况是证券交易中的非正常状态，它可以发生在证券交易的进程中，使交易全部或者部分不能正常进行，也可以体现于交易结果上，使成交结果背离人们的实际意愿。认识证券交易异常情况的另一个角度，是对其引致原因进行类型化分析。证券交易发展至今，已经具备了庞大的规模，并凭借日新月异的交易技术，成为一个高度复杂、敏感的系统，因此任何一个细微的环节，都可能引致异常的发生。如何从一个合适的角度来归纳和审视这些复杂多样的引致原因，使它们具有法律层面的分类意义？为研究便利起见，本章首先将引致原因区分为证券交易业务环节中的外部原因与内部原因，在此基础上，根据是否可归责于相关方，将外部原因划分为不可抗力与第三方原因两种类型；根据是否存在直接的人为因素，将内部原因划分为技术故障以及人为差错两种类型。从而使得后文针对处置措施、法律责任的分析有了既定的基础。认识证券交易异常情况的第三个角度，是结合其风险特征对证券交易异常情况的危害性进行分析。作为证券交易的非正常状态，证券交易异常情况具有很强的市场危害性。其首先破坏的是证券交易的连续性和稳定性，从而直接损害证券市场的流动性，并影响证券市场撮合交易、发现价格等市场功能的实现。其次，由于现代证券交易的自动化、电子化和高度技术化，以及证券市场的公开性、关联性，使得证券交易异常情况呈现出高传导性的特征。而市场本身就是风险高度集中的市场，其一旦发生，短时间内就能波及整个市场，从而加剧证券市场已有的交易风险。再次，证券交易异常情况往往引发市场行情的剧烈波动，从而危害市场的稳定性，损害市场信心，甚至对证券市场外围的生产、消费、储蓄和投资带来负面影响。最后，证券交易异常情况还将在不同层面对投资者利益造成损害。除了与异常事件相关的交易主体遭受直接财产损失之外，广大中小投资者还可能因为异常情况下信息的不对称、风险认知与承受能力的不均衡，而加剧其不平等的市场地位，遭受隐性的损失。第二章“证券交易异常情况的自律管理”。本章以证券交易异常情况处置的自律主导模式为分析对象。从法定要求、比较优势以及自身动机等角度，对自律主导模式的成因进行了多维度讨论。同时，以证券市场中的秩序与公平两大目标，指出了证券交易异常情况处置自律监管的价值取向与基本要求。在此基础上，结合具体案例，分别对基于秩序价值、公平价值的处置措施，进行了类型化、实证化分析。证券交易异常情况对证券交易秩序造成了损害，而维护证券交易正常秩序，是证券交易所自律监管的应有之义。证券交易所作为证券交易的组织者和管理者，应当在证券交易异常情况的处置中站在第一线。与此同时，证券交易异常情况的巨大危害性与高传导性，也要求市场以最快的速度作出反应，在这方面，自律监管较之行政监管具有明显的相对优势。另一方面，证券交易所为了维护自身信誉与市场规模，也有着妥善处置证券交易异常情况的内在动力。这也就解释了为何证券交易异常情况的处置，往往都是以证券交易所的自律监管为主导。证券交易所的首要职能，是为所有上市证券提供一个公正、有序、高效的交易市场，并负有切实的责任来维护市场秩序和公众信心。这其中，如何界定证券交易所在异常情况处置中的角色定位与职责边界，如何在众多价值目标中确定具有统领意义的价值取向，是必须回答的核心问题。对证券交易异常情况采取处置措施，是对证券交易非正常状态的干预，直接涉及到市场参与主体的利益，由此也涉及到证券市场不同个体之间的利益、市场整体利益与个体利益的平衡和协调。因此，证券交易异常情况的自律处置，必须以法律、规则为依据，以维护公平与秩序为目标，进行适度干预。对于不涉及证券交易所价格发现功能及其他公共利益的小范围异常情况，市场也具备自行消化的能力，可以通过当事人的意思自治，来达致各方满意的处置效果。在具体处置措施的设计和使用上，应当着眼于证券交易异常情况的表现形式及其影响程度，并注意在维护市场秩序和保障市场效率之间保持平衡。对于在交易进程中发生的异常情况，重在从维护交易秩序的目标出发，采取相应的干预措施，主要原理在于给予市场和投资者以反应和消化的时间，防止市场在一种非理性的状态下作出“过激”反应。对于在交易结果上发生的异常，则需要兼顾市场公平与秩序，不宜因追求绝对的交易安全，而牺牲证券市场的公平与公正。在各种处置措施中，对错误交易结果的效力认定，是备受关注的问题。证券交易尽管以标准化的方式进行，并体现出强烈的无因性特征，但证券交易中的意思表示，仍然是证券交易合同中的重要因素。当交易结果与投资者内心的真实意思表示不一致，符合重大误解或者显失公平等情形，并影响到市场秩序与公共利益，是否允许取消此种交易，就直观反映出不同市场中对于市场价值目标的追求和取舍。一个较为成熟和普遍的做法是，对严重损害证券市场秩序、危害公共利益的错误交易结果，作出适当调整。各个市场可以结合自身市场环境、结构与交易制度，制定不同的错误交易政策，对于错误交易的认定标准、取消交易的条件和程序作出相应规定。证券交易异常情况的发生并不分国界，也不分市场的成熟程度，但同样的异常情况发生在不同市场环境和时期，所采取的处置措施则不尽相同。通过对“闪电崩盘”以及“乌龙指”这两种常见的交易异常情况的处置措施进行对比分析，可以发现证券交易异常情况的处置并不存在固定的模式，而是需要综合考虑市场环境、监管目标、投资者结构等实际情况予以灵活调整，是一个变动不居的过程。这也证明，证券交易所在其中享一定的自由裁量空间，既属必要又属合理。第三章“证券交易异常情况的行政监管”。本章通过呈现证券市场主体逐利动机导致的市场失灵、自律机构自身结构性利益冲突导致的自律失灵，强调了证券交易异常情况中行政监管介入的必要性，并指出行政监管介入应当以维护公共利益为最高准则。同时，通过对境外成熟市场实践做法与典型事例的分析，讨论了行政监管的目标和方式，并呈现证券交易异常情况行政监管中考量公共利益的丰富实践和可供借鉴的经验做法。在一个以自律为主导的市场行为中，行政监管介入的必要性体现在哪些方面呢？证券交易异常情况作为证券市场的一类常见风险，反映出市场主体在效率与安全、风险与收益之间的利己选择。其突出的表现是，由高度先进的交易技术和高度发达的交易机制组合而成的程序交易，在极大提升交易效率的同时，也引发市场结构的深刻变化，给证券市场的稳定秩序带来不可忽视的隐患。而身处治理结构变革与市场竞争激化大背景下的证券交易，更是面临日益加剧的自身结构性利益冲突。客观上需要国家在遵循证券交易一般规律的前提下依法干预，防范和化解风险。这其中，最为核心的目标，就是在各种利益诉求的冲突中，确保公共利益的实现。行政监管因此在证券交易异常情况处置中扮演了重要的角色，而对于公共利益的理解和认识也处于不断的发展变化过程中。由此，行政监管的政策目标已从最初的保障证券交易的公平、有序，消除信息不对称，逐渐扩展到提高市场效率、满足多元化需求、降低系统性风险等多个方面。通过制定准入条件、行业标准、处置规则，以及跟进和监督证券交易的处置过程、评估处置效果，行政监管的触角已遍及证券交易异常情况的预防、处置、调查和惩戒等每个环节。和对其他领域的监管一样，行政监管对于证券交易异常情况处置的介入，也应当保持在合理范围之内，并形成良好的监管理念。这其中，对于交易技术革新所具有的外部效应，应当保持开放与务实的监管态度，不可因噎废食、裹足不前；对于证券交易所的自律失灵，在对存在利益失衡的处置行为进行规制的同时，更有必要理顺自律监管与行政监管之间的关系，尊重和保障证券交易所自律监管的优势发挥。为了重点说明这一问题，本章结合证券交易异常情况处置中涉及行政监管的三个典型案例，总结和提炼了境外市场一些可供借鉴的经验做法。第四章“证券交易异常情况中的民事责任：对核心主体和关键领域的分析”。本章旨在回答实务当中最受关注、也最具争议的民事责任分配问题。通过深入分析证券交易所组织和管理证券交易之自律职能的双重属性以及证券市场的公共性，论证在民法以及经济法一般理论的基础上，对证券交易所在证券交易异常情况及其处置中的民事责任作出合理限定的正当性基础。同时，对于证券交易中的其他辅助主体之责任承担，以及频繁发生、颇具争议的技术故障引发交易异常情况之法律责任，予以分析、比较和回应。对民事责任的分配，同样是一个利益平衡的过程，既涉及到个体利益与公共利益的平衡，也涉及到当前利益与长远利益的权衡。本文第一章已经提及，证券交易异常情况会带来巨大的危害，受其影响的主体可能超出能够合理计算和评估的范围。法律责任的认定及承担，由此关系到市场主体的切身利益。对于交易异常情况中的民事法律责任，可以从多个角度进行分析，其中归责原则与标准是分析问题的关键所在，而具体的分析则必须以责任主体为基础予以展开。在提供证券交易服务的市场主体中，证券交易所处于核心地位，其角色定位也最为特殊。因此本章主要以证券交易所为中心，分析其在证券交易异常情况中的角色定位与责任承担问题。作为兼具公共职能与商业职能的机构，证券交易所担负着提供证券交易服务与监督管理证券交易的双重任务，其在组织与管理证券交易中所提供的服务，既有私人产品的特征，更具有公共产品的性质，而公共产物的成本和风险应当由受益者共同分担。在遵循我国民法制度关于民事责任归责原则一般理论的基础上，更有必要超越私法的一般视角来看待证券交易所市场。对证券交易所在提供证券服务中的民事责任，应当坚持“故意或重大过失”的过错标准；对交易异常情况处置中的责任，较为普遍的原则是交易所正当监管的民事责任豁免，即交易所在善意履行法律或者市场规则、履行自律管理的公共职能过程中，即便给被监管对象造成了损失，也无须承担民事赔偿责任。即使交易所须就监管行为承担责任，也应对“过错”的认定采用故意或重大过失的标准。当然，在证券集中交易链条中，围绕证券交易所这一核心枢纽，还有其他负有法定或者约定义务的主体，包括证券登记结算机构、证券公司以及信息技术外包服务商和供应商，等等，同样需要界定其在证券交易异常情况及其处置中的民事法律责任。由于角色定位与职能属性的不同，在归责原则上也会有所区分。对于证券登记结算机构而言，其作为证券交易所的后台，为证券交易提供登记、托管、清算和交收服务，同样具有准公共产品属性，因此在归责原则上，也有必要采取故意或者重大过失之标准。在证券交易异常情况之中，因技术故障而引发的异常情况，是相对特殊的一种类型，其特殊性表现在，一方面技术故障是引发证券交易异常情况的主要原因，另一方面则是因为这是一个高度复杂和专业的领域，普通大众很难对其中的过错作出判断，因此其引发异常情况中的民事责任承担问题长期以来处于一个受到高度关注但始终保持模糊的状态。通过对比分析不同国家和地区对于技术故障的民事责任制度，有助于我们体会其背后的政策考量，并形成自己的判断。第五章“证券交易异常情况法律规制的完善：以《证券法》修改为中心”。本章梳理了现有法律制度对证券交易异常情况规制的不足，在此基础上重点对《证券法》上如何完善证券交易异常情况处置制度提出具体的条款修改建议，同时对于配套机制完善提出思路。我国证券法律制度虽然对证券交易异常情况及其处置有不同程度的涉及，但其面临的最大缺陷就是与市场实践的脱节。无论是层出不穷、样态多元的证券交易异常情况，还是对于这些异常情况的处置实践，市场都已远远走在法制的前面。这种状态的一个直接后果就是，市场行为面临法律依据的缺失，市场无法形成确定预期，某些处置措施的效力面临不确定性，影响证券市场的有序运转。从前面几章的分析来看，完善证券交易异常情况处置的法律制度，首要任务是充实和调整《证券法》中的相应规定，构建相对完整的证券交易异常情况处置基本制度框架，为行政规章、业务规则的细化规定提供效力支持。当前，《证券法》修改已被提上日程，列入《第十二届全国人大常委会立法规划》。以证监会为主导的证券市场各方力量，都在着手梳理证券法需要进一步补充、完善的现实问题，并提出法律修改的意见和建议。这其中，证券交易异常情况的法律规制成为修法的重点之一。完善《证券法》中的相应规定，可以从以下几方面设计条文建议，一是补充证券交易异常情况类型与处置措施，主要体现在对第114条关于处置措施的修改上；二是建立错误交易取消机制的基本框架，主要体现在对第120条关于交易结果不得改变之规定的例外规定；三是强调证券交易所自身利益冲突的防范，突出公共利益在证券交易异常情况处置中的首要地位；四是增加关于证券交易所善意监管免责的规定，巩固善意监管免责和有限介入的司法理念。在《证券法》修改之外，还需要以之为基础，构建和完善证券交易异常情况法律规制的配套机制。本章从行政规章、自律规则以及业务协议三个层面，就如何细化证券交易异常情况预防与处置的行业标准、明确证券交易异常情况处置自律监管的类型、标准与程序、构建证券交易异常情况风险与责任的协议安排，提出了具体的建议。更多还原

【Abstract】 After decades of development, the securities market has evolved into a huge highlytechnical, complicated and sensitive system. In addition to force majeure, accidentsand other traditional risk factors affect securities trading, increasing technical failureand human error such as "fat finger" events, etc., have become the main reason for thesecurities trading anomalies, which cause serious damage to the function and order ofsecurities market. A severe challenge that the legal system of securities market andregulatory agency has to face under the new circumstance is how to find an effectiveway to prevent and regulate securities trading anomalies, so as to maintain an open,fair and justice market and safeguard investors’ legitimate rights and interests.This is a worldwide difficult problem. In the eyes of the law, there is a series ofserious problems with important theory value and practical significance we need tosolve, such as how to recognize and treat the risk nature of securities tradinganomalies correctly, how to reasonably design regulatory measures, how to efficientlyallocate risk and responsibility during securities trading anomaly and its disposalprocess, how to balance and coordinate different levels of demand and value targetarise out of different stakeholders, and finally how to ensure that the prevention andregulation of securities trading anomalies can be proceeded with legitimacy, rationality and certainty under the legal framework.This paper, in the perspective of legal regulation, takes the disposal and regulation ofsecurities trading anomalies as a basic analysis framework, discusses and expoundsthe forms, causes, self-regulation, external supervision and responsibility distributionof securities trading anomalies, analyses abundant typical cases both in Chinese andforeign securities market, takes a deep insight into the fundamental, critical legalissues of securities trading anomalies, and then puts forward concrete suggestions toimprove the legal system in this area.The full text consists of an introduction, five main chapters. The first chapter is anoverview of securities trading anomalies. The second to the fifth chapters relate andanalyze from four points, namely the self-regulation, administrative supervision, civilliability and system improvement. There are about220,000words in the full text.The first chapter is "A Multidimensional Perspective of Securities TradingAnomalies". To facilitate the reader to form a preliminary understanding of thisrelatively new field, this chapter tries to describe "what happened" as an anomalyduring the securities trading. In an attempt to present a stereo image and lay afoundation for subsequent analysis and interpretation, this chapter introduces andreviews the securities trading anomaly from various angles, includes the marketenvironment from which it happens, the pattern of its performances, the causes andhazardous.Securities trading anomalies, as a concept, comes from the generalization andsummarization of the actual situation on the market, has not yet formed a systematicand completely consensus. With numerous patterns of performances, there are anumber of different starting points to understand securities trading anomaly. Startingfrom the purpose of this study, it is necessary to both understand its basic featurethrough its performance and analysis it thoroughly from a legal angle. This chapter first gives a brief introduction to the basic characteristics of the stockexchange market, then points out the endogenous characteristics of securities tradinganomalies. To move forward, this paper takes the analysis frame established by themarket rules of stock exchange which gives direct definitions and regulatory rules tothe securities trading anomalies, and classifies them into several patterns with manyexamples. A preliminary conclusion is that the securities trading anomaly is anabnormal state of securities trading, it may happen during the process of securitiestrading, causes all or part of the trading cannot be carried on smoothly, yet can also bereflected on the trading results, makes the trading results beyond people’s realintention.The second step to understand securities trading is to deeply analyze and classify thecausing reasons. As highly technical relevant and with large-scale, the stock markethas become a highly complicated and sensitive system. Anomalies can be triggered byany single and tiny cause, and these complex and diverse causing reasons needs to beclassified into certain types through an appropriate perspective. In order to establish alegal analysis frame for the later analysis of disposal measures and civil liability ofsecurities trading anomalies, this chapter chose to divide the causes into two types asthe external and internal causes. The external causes are divided into force majeureand third party reason, while the internal causes are divided into technical failure andhuman error.The third step to understand securities trading is to analyze the danger andharmfulness of securities trading anomaly based on its risk features. Securities tradinganomaly can obviously cause serious damages to the stock market, first of all, itdestroy the continuity and stability of the securities trading, thus directly damage thesecurities market liquidity, blocking the realization of functions of stock market suchas to matchmaking trading and price discovering. Another adverse effect of securitiestrading anomaly is aggravate the inner risks of securities trading. Due to theautomation, electronization and technicalization of modern securities trading, as well as the openness, high relevance of securities market, the securities trading anomalyshows the characteristics of high conductivity. The adverse effect can be spread to thewhole market in a very short period right after it occurred. Besides, anomalies areoften associated with wild market volatility, endangering the stability of the market,damaging the confidence in the market, and even cause negative impacts to the socialproduction, consumption, savings and investment activities. Finally, securities tradinganomaly may cause different levels of damages to inverters’ interests. Beyond thedirect property loss suffered by certain directly evolved investors, there are stillindirect loss as the anomaly may exacerbate the inequality of market position due tothe information asymmetry, the different level of ability of small and medium-sizedinvestors to recognize and bear the risk.The second chapter is "the Self-regulation of Securities Trading Anomalies". Thischapter, from the aspect of legal requirements, comparative advantage and intrinsicmotivation, discusses the reasons why self-regulation becomes the dominant model tohandle the securities trading anomalies. Take fairness and order as the main target ofsecurities market, the paper points out the value orientation and basic requirement ofself-regulations of securities trading anomalies. On this basis, combining with specificcases, this chapter respectively discusses measures oriented to the order value andfairness value.Securities trading anomalies cause damages to the securities trading order, while thestock exchange, as the organizer and regulator of stock market, aims to maintain anorder and fair market. This explains why stock exchange should stand in the first lineto handle with securities trading anomalies. Besides, huge harmfulness and highconductivity of securities trading anomalies, requires the market regulator react as fastas possible, in this regard, compares to administrative regulation, self-regulation hasobviously comparative advantages. In the other hand, stock exchange itself hasintrinsic motivation to handle with securities trading anomalies properly in order tomaintain its credibility as well as the size of the market. The primary function of a stock exchange is to provide a fair, orderly and efficienttrading market for all the listed securities, and takes responsibility to maintain themarket order and public confidence. It is very critical to answer the questions of howto define the role and responsibility of the stock exchange when regulating securitiestrading anomalies, and how to determine the most significant value orientation amongnumerous value goals in the stock market. The stock exchange maintains the order ofsecurities trading by taking disposal measures to securities trading anomalies, whichdirectly affects the market participants’ interest, and involves the balance andcoordination of interests between individual participants and different interest levelsof market entities. From this point of view, stock exchange can only implementmoderate intervention in order to maintain a fair and order market, and all themeasures it taken must be based on laws and rules. As to the anomalies that neitherdirectly involves the market functions of discovering price nor the public interest, it isappropriate to leave them to the market participants’ autonomy of will, to achievedisposal results that satisfied the parties involved.To design and use specific measures to disposal securities trading anomaly, it isimportant to match the degree of its performance and damage, and also keep balancebetween maintaining the market order and efficiency. As to the anomaly that happensduring the process of securities trading, the key point of relevant measure is tomaintain the trading order, by giving the market participant a reasonable period tocalm down, to prevent them react to the anomaly in an irrational state. As to theanomaly that reflects in the results of securities trading, the main principle ofrelevant measure is to maintain both the market order and fairness, to avoid thepursuit of absolute transaction security, and damage the equity and fairness of thesecurities market.Among all the disposal measures, the error-trade policy is the most closely watched.Although securities trading processes in a standardized way and thus reflects a strongcharacter of irreversibility, but the declaration of will is still the core of the securities trading contract. When the trading results is not consistent with the real intention ofinvestors, conform to the gross misunderstanding or show the case such as unfair,constitutes gross misunderstanding or obvious unjust and damages the order, fairnessand public interests of stock market, whether to allow to cancel the trading contract,intuitively reflects the different value targets in different stock markets. It isimportant and common for a market to make error-trade policy based on its marketenvironment, structure and trading rules, and give specific rules regard to standardsof error trade, the terms, conditions and procedures of cancelling error trades.Securities trading anomalies happen everywhere regardless of market border andmaturity, but the disposal measures rare under different market circumstances anddevelopmental stages. By comparing the disposal measures to the “flash crash” and“fat finger” which are very close and familiar to market participants, this chaptershows that there is no fixed model to handle with securities trading anomalies, on thecontrary, it has to be adjusted flexibly with comprehensive consideration of severalaspects such as market environment, supervision target, investors structures, etc.This also proves that it is necessary and reasonable to give the stock exchangecertain discretion when regulating securities trading anomalies.The third chapter is “the Administrative Supervision of Securities TradingAnomalies”. This chapter emphasizes the necessity of administrative supervision insecurities trading anomalies through the presenting of the market failure caused bymarket participants’ profit motive and the self-regulation failure caused by stockexchange’s structural conflict of interest, then points out that the top principle ofadministrative intervene is to protect and maintain public interest in the stockmarkets. This chapter also discusses the goals and approaches of administrativeintervene as well as advanced experience in supervising securities trading anomalies.In what respect does the necessity of administrative supervision reflect in an marketdominated by self-regulation? As a kind of common risk in the securities markets,securities trading anomalies reflect the self-benefit choice of market participant between the market efficiency and safety. An outstanding performance is theprogram trading which combines highly advanced trading technology andmechanism. It brings both positive affect as greatly improving the trade efficiencyand negative affects as profoundly changing the market structure as well as hugethreaten to the stability of the stock market. In the other side, stock exchanges arefacing growing structural conflict of interest under the background of governancereforming and intensified market competition. All of these show the necessity ofadministrative intervene under the premise that follow the general rules of securitiestrading and in accordance with the law, regulations and rules in the stock markets.The key goal is of course to maintain the public interests among all the conflictinterests.Administrative supervision then plays an important role in regulating securitiestrading anomalies, and the awareness of the public interest in stock market areconstantly developing. The goal of the policy has expand from the originalmaintaining an fair, orderly market and eliminating the information asymmetry, toa comprehensive goal contends improving the efficiency of the market, meeting thedemand of diversification, and reducing systemic risk. By making access conditions,industry standards and regulations and rules, and following up, monitoring andassessing the disposal process of securities trading anomalies, administrativesupervision has covered all the steps of regulating securities trading anomalies suchas preventing, disposing, investigating and punishing.The administrative intervene in securities trading anomalies should also be kept in areasonable range and adhere to a good concept of regulation. For example, other thangive up eating for fear of choking, we should remain an open and pragmatic attitudeto the trading technology innovation as well as its external effects; as to theself-regulation failure, besides regulating the interest imbalance behavior insecurities trading anomalies, we should also pay attention to straighten out therelationship between the self-regulation and administrative supervision, respect and safeguard the comparative advantages of securities exchanges’ self-regulation. Inorder to highlight the issue, this chapter summed up some experience from theoverseas markets by analyzing three typical cases involved in the administrativesupervision of securities trading anomalies.The fourth chapter is “the Civil Liability In Securities Trading Anomalies: TheAnalysis of the Core Subject and Key Areas”, aims to answer the most concernedand controversial question in the practice area of stock market. Through in-depthanalysis of dual attributes of self-regulation organization and its functions, as well asthe publicity of stock market, this chapter argues the legitimacy foundation ofreasonable limiting the civil liability of securities exchanges in securities tradinganomalies and its disposal process based on the general theory of civil law as well aseconomic law. This chapter also analyzes, compares and responses to the civilliabilities of other trading service providers and especially in securities tradinganomalies caused by technical failures.It is also a process of balancing of interests for the distribution of civil liability,which involves the measure of individual interests and public interest, and also thecurrent interests and long-term interests. As mentioned in the first chapter, securitiestrading anomalies do huge damages to the stock market, and the subjects had beenaffected may beyond the scope of reasonable calculation and evaluation, which meanthat the determination and distribution of liability is related to the vital interests ofthe participants involved. The civil liabilities in securities trading anomalies can beanalyzed from various angles, and the key point lie in the imputation principle andthe criterion of liability regarding specific entity.Among all the trading service providers, the stock exchange is at the core and hasvery special role definition. Form this point of view, this chapter mainly focuses onthe role and liability of the stock exchange. With both public and commercialfunctions, stock exchange bears dual task of providing trading service and organizingsecurities trading. The centralized trading service has the nature of private products and public product, while the cost and risk of Public product should be shared by thebeneficiaries, in stock market, means all the participants. On the basis of obeying thecivil liability imputation principle in civil law, it is necessary to look beyond thegeneral view of private law to the distribution of civil liability in stock market. As tothe liability of the stock exchange when providing trading service, it is reasonable toadhere to the imputation principle of "intentional misconduct or gross negligence";as to the liability of the stock exchange when organizing and regulating the stocktrading, the general principle is to give the stock exchange the regulatory liabilityexemption, which means the stock exchange is free of liability in its goodwillperformance of the self-regulation of the stock market, only when there is"intentional misconduct or gross negligence" should the stock exchange take relevantliabilities.Through the business chain of securities trading, there are other entities that bearlegal or contractual obligations, such as the securities registration and clearinginstitutions, security companies, information and technology outsourcing companies(the third-party provider), etc. These entities bear different level of civil liabilitiesdue to their own role and responsibilities in securities trading. As to the securitiesregistration and clearing institutions, which functioned as the back-office system ofthe stock exchange by providing registration, custody, clearing and settlementservices for market participants, also has the nature of public product, justified itselfsuitable for the imputation principle of "intentional misconduct or gross negligence".Among all the types of causes, technical failure is a kind of relatively special type.Its particularity exists in two aspect: on the one side, it is the most frequent reasonthat cause securities trading anomalies, on the other side, it shows a highly complexand professional field that it is difficult for the general public to make objectivejudgments. The particularity also make the civil liability in this area remains a highlyconcerned but vague status for a long time. Through the comparative analysis of civilliability system in this area in different countries and regions, help us to understand the reasons and considerations behind specific policy, and form our own judgments.The fifth chapter is “the Improvement of the Legal Regulation of Securities TradingAnomaly: Centering on the Modification of The Securities Law”. This chapter firstcombed the existing legal system towards securities trading anomalies, and thenemphasis on how to improve the legal regulation of securities trading anomalies withspecific suggestions to modify certain provisions in the Securities Law and severalsuggesting plans to improve the supporting mechanism.Although the securities law system in China has already made some efforts toregulate certain types of securities trading anomalies, but there is still an obviousdefect that it is disjointed with market practice. With regard to the frequency andvariety of securities trading anomalies as well as the regulating and disposalmeasures, the laws have been far behind the market practice. A direct consequence ofthis status is that the market behaviors are subject to the lack of legal basis, thus leadto a lot of uncertainty to the market anticipation and the legal effect of certainmeasures taken to handle with securities anomalies, and finally affect the orderlyoperation of securities market.From the analysis of the first few chapters, the most important step to improve thelegal regulations for securities trading anomalies is to establish a relative completeframework for the legal regulation by supplementing and adjusting relevantprovisions in the Securities Law, so as to provide effective support and guidance forthe administrative regulations as well as market rules. Currently, the amendment ofthe Securities Law has been put on the agenda. The China Securities RegulatoryCommission, according to the requirements of the legislative planning, has alreadyproposed to add the amendment of the Securities Law into the2014annual plan oflegislative work of the National People’s Congress, and leading the preparing workof listing requirements and drafting amendment suggestions, which includes thelegal regulation of securities trading anomalies as one of the emphasizes. To perfect the relevant provisions of the Securities Law, we can design amendmentsuggestions from the following aspects: the first is to supplement the types anddisposal measures of securities trading anomalies, which refers to the amendment ofarticle114; the second is to establish the framework for the error trade policy, whichrefers to the adjustment of article120; the third is to add a new article to emphasis onthe prevention of conflicts of interest of the stock exchange and safeguard theleading position of public interests during the disposal and regulatory process ofsecurities trading anomalies; the forth is to add a new article to provide exemptionfor civil liability to goodwill regulatory behaviors conducted by the stock exchange.Beyond but based on the Securities Law, it is necessary to establish and improve asupporting legal mechanism to regulate securities trading anomalies. This chapter,form the three aspect of administrative regulations, stock exchange rules andbusiness contracts, put forwards concrete suggestions on detailing the industrystandards on the prevention and disposal of securities trading anomalies, specifyingthe types and procedures of disposal measures and establishing contractarrangements of distributing risk and responsibility of securities trading anomalies.更多还原