Analysis Of Information Game between Supervisor and Futures Exchange under the Excessive Speculation Market

摘要

Information speculation is one that the main participators move around the authenticity, the integrity, the timeliness and the validity of information in futures speculation market .This movement system includes information producing, information dissemination and information using. Under the excessive speculating market environment, the futures market supervisor and the futures exchange are different to the assurance criterion of market speculation because of the risk differences. So that there are information speculation between the futures market supervisor and the futures exchange. The analysis on information speculation between the futures market supervisor and the futures exchange indicated that the main reason of the excessive speculation doesn't only originate from "the advantage hobby" of the futures exchange, but also stems from "the initiative good will" of the exchange to the futures market supervisor for own existing, and this behavior wins "the conscience asylum" of the supervisor. Therefore, it must attack to the excessive speculation behavior and strengthen the market supervisor cooperation, the futures market would develop continually, stably and healthfully.