證券集中交易市場預先交易及高頻交易適法性之探討

Front Running and High Frequency Trading in Securities and Exchange Market

陳柏安(Po-An Chen)

指導教授 ： 林志潔

國立交通大學/管理學院/科技法律研究所/碩士(2016年)

摘要

預先交易目前在我國學界及實務，討論均少。本文先說明預先交易之定義，並介紹美國法規範預先交易之方式，探討採用不同的內線交易理論對規範預先交易之影響。利用實際案例，闡明如何適用美國內線交易理論及法條處理預先交易。其後，透過案例研析及質性訪談，著重討論預先交易在我國的刑事不法性。
　　高頻交易為利用電腦網路科技之新興交易型態，目前在我國尚無相關判決。本文先介紹高頻交易在美國之運作方式，次介紹美國實務對於高頻交易的法律見解，作為我國適法性探討之基礎。其後，介紹高頻交易在我國發展之現況與展望，並分析高頻交易在我國是否應負刑事責任。

關鍵字

預先交易 ； 高頻交易 ； 內線交易 ； 忠實義務 ； 股市經紀人

並列摘要

Front running is relatively few discussed in Taiwan. This thesis explains what front running is and discusses impact on regulating it based on different insider trading theory from U.S. legal perspective. By using actual cases, it will be elaborated how to apply major insider trading theory to tackle front running. Based on U.S. law understanding, this thesis discusses whether front running can be attached to any criminal responsibility in Taiwan through case study and qualitative legal analysis.
High frequency trading is a modern type of trading activities by leveraging computer network technology. One major type of high frequency trading relies on predicting other market participants’ trading activities and front-run them, which makes this type of high frequency trading similar to front-running. Up to now, no relevant judgment is rendered in Taiwan. This thesis first introduces how high frequency trading works in U.S and some U.S. court opinions in related cases. It will then be analyzed whether high frequency trading is illegal according to criminal laws in Taiwan. The current status and future of high frequency trading in Taiwan will be discussed as well.

並列關鍵字

Front Running ； High Frequency Trading ； Insider Trading ； Fiduciary Duty ； Stock Broker

參考文獻

王宏瑞，〈淺談高頻交易之發展與近況〉，《證交資料》，第610期，頁59，2013年。

鄧依仁，《從證券法內線交易理論論我國內線交易行為主體之規範》，政治大學法律研究所碩士論文，2006年9月。

DONALD C. LANGEVOORT, LSECURITIES LAW: INSIDER TRADING, REGULATION ENFORCEMENT & PREVENTION (1991).

Jonathan A. Brogaard, High Frequency Trading and its Impact on Market Quality, 64 (2010)

Ray J. Grzebielski, Why Martha Stewart Did Not Violate Rule 10B-5: on Tipping, Piggybacking, Front-Running and the Fiduciary Duties of Securities Brokers, 40 AKRON L. REV. 55 (2007).