光大证券公司因员工错误操作ETF交易软件产生巨量交易,未及时对外披露事件详情,又采取反向操作对冲损失,后被中国证监会认定为内幕交易行为,并遭受了严厉惩罚。中国证监会的处罚措施更是引发实务界与学界的热议,该处罚于法是否有据、是否得当?内幕交易行为到底应当如何认定? Everbright Securities Company due to employee error operation ETF trading software a huge amount of transactions, failure to disclose details of the incident in a timely manner, but also to take reverse hedge losses, after the CSRC was identified as insider trading, and severely punished. China Securities Regulatory Commission’s penalties is triggered more hot debate between practice and academia, the penalty is there any evidence, is it appropriate? Insider trading behavior in the end how to identify?