近年来,证券业开放和竞争格局日益明显,在监管机关“负面清单”制的松绑下,证券公司、基金公司、信托型私募基金等市场主体的创新热情不断进发,做空、互换、量化等各种创新业务和交易模式层出不穷。这在增加市场活力的同时也可能产生一定的风险,甚至成为违法违规者利用的工具。如何判断这些创新交易方式的合规性,应对其对市场监管带来的冲击和挑战,成为一个迫在眉睫的监管课题。本文通过一线的调研和案例分析,力图剖析证券市场典型创新交易方式的合规性和市场风险点,并分析其对现行稽查执法体制的挑战,并基于金融创新与法制监管的辩证关系,提出完善相关法律制度的前瞻性设计。 In recent years, the securities industry has been opening up and the competition pattern has become increasingly evident. With the release of the “negative list” of regulatory authorities, the innovative enthusiasm of market players such as securities companies, fund companies and trust-type private equity funds continues to go short, Quantitative and other innovative business and trading patterns after another. While this may increase the vitality of the market, it may also create risks and even become a tool used by violators. How to judge the compliance of these innovative trading methods and how to deal with the impact and challenges they bring to the market supervision has become an urgent regulatory issue. Through first-line research and case analysis, this paper attempts to analyze the compliance and market risk points of typical innovative transactions in the securities market, and analyze its challenges to the current law enforcement system. Based on the dialectical relationship between financial innovation and legal supervision, Forward-looking design of the relevant legal system.