地下期貨行為之刑事責任

現代市場蓬勃發展，全球性的交易非常熱絡，交易方式也從以往的現物交易中衍生出了許多五花八門的交易方法，這類特殊的金融工具，被統稱為「衍生性金融商品（Derivatives）」。這類商品本身並不一定是個實際存在的物品，而可能係依附於某個物體上的權利等等，其商品價值往往取決於依附的標的物之價值。　　衍生性金融商品往往具有槓桿性，以方便投資人進行投資，藉以取得相對的報酬。在這樣的背景之下，衍生性金融商品交易存在著高度的風險性，且通常要購買該商品也需具備一定程度的專業性，因此，關於衍生性金融商品各國都會制定專門的法律，以及專門的金融市場，以便管控之。　　當衍生性金融商品不透過專門的市場而私下交易時，便是俗稱的地下期貨行為，該行為除了違反了相關的金融法規外，更是有可能觸犯了刑法上的賭博罪，此時該行為於法律層面上究竟應如何論處，便是本文討論的重點。　　近年我國實務上對於衍生性金融商品的地下交易行為，皆將其認定為交易行為，排除了成立賭博的可能，惟兩者之間是否必是互斥的存在？本文認為答案為否，因此本文也引用了日本的處理方法，希望可以提供我國在地下期貨的判斷上有更多的觀點。

關鍵字

空中交易；地下期貨；期貨交易法；日本金融商品交易法；賭博罪

並列摘要

A futures contract (sometimes called, futures) is a standardized legal agreement to buy or sell something at a predetermined price at a specified time in the future, between parties not known to each other. Because it is a function of an underlying asset, a futures contract is a derivative product. 　　Futures are negotiated at futures exchanges, which act as a marketplace between buyers and sellers. Futures can be used to hedge, thus reducing someone's overall exposure to risk, but futures can also be very risky since they allow speculative positions to be taken with a generous amount of leverage. 　　There are a lot of restriction by law in order to limit the risk of futures. And the term "off-market futures trading" refers to any unenforceable agreements between a merchant, sometimes posing as a futures commission merchant, and a customer to speculate on variations in Futures. 　　From a legal perspective, off-market futures trading is governed either by Article 268 of the Criminal Code or by Article 112 of the Futures Trading Act. And these two laws have quite different interpretations as to how off-market futures trading constitutes a violation of law. 　　The purpose of this master’s thesis is to try to analyze the applicability of the above laws on off-market futures from the perspectives of legally protected interests and relevance to certain legal concepts and hope to find the way of how to solve the problem of off-market futures trading's criminal responsibility.