Rat Trading 老鼠仓交易

Rat Trading 老鼠仓交易

Rat trading is a type of insider trading in which investment fund managers illicitly use private information, accessed often through their company, for personal gain. Rat traders use this confidential information profitably by trading through secret “rat accounts” controlled by the manager for relatives and friends. Sometimes a rat trader will first use client money to influence share prices in order to benefit the investments made with personal funds. In February 2009, the Standing Committee of the National People’s Congress passed a revision to the Criminal Act, elevating rat trading to a criminal offense punishable by up to 10 years of imprisonment. The China Securities Regulatory Commission has been cooperating with stock exchanges and using big data technologies to comb through huge amounts of trading data to catch rat traders.

老鼠仓交易是内幕交易的一种，是基金经理乘职务之便，非法利用未公开的信息，通过设立在亲友名下的“老鼠仓”买卖股票而谋取私利。老鼠仓的控制人经常会利用基金公司替客户管理的资金影响证券的价格以扩大收益，如事先用老鼠仓大量买下某只股票，再操纵客户资金买下同只股票，推高其价格。2009年2月，全国人大常委会通过一项刑法修正案，首次将老鼠仓交易列为犯罪行为，最高可判处十年监禁。近几年来，证监会已破获了多起老鼠仓案件，并与证券交易所合作，利用大数据技术加强对海量交易信息的监控和分析。

In the News

Deng Ruixiang, a member of a 12-person committee under the China Securities Regulatory Commission, which examines and approves companies’ requests for initial public offerings, has been dismissed and placed under investigation for alleged involvement in rat trading, the securities regulator said on September 19.

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