According to the zero-sum game characteristic of securities trading,the insider's illegal gains come from counter-party's loss,therefore pursuing their civil liabilities should based on illegal gains,together with subjective fault including intention and gross negligence.Subject to the special rules of centralized trading,appropriate objects of damages should be comprised of reverse traders with insiders whose transactions established simultaneously for protecting comprehensively,in order to provide relief to all possible victims.The harmful essence of insider trading leads to corrupting market integrity and undermining investors'confidence,and the transactions causation between insiders and innocent investors who rely on the market integrity to trade,could be presumed on the fraud-on-the-market theory.Based on the zero-sum game principle and centralized trading rules,the amounts of compensation should determined by the proportion of each plaintiff's overall transaction volume,within the scope of the defendant's illegal gains.Insider tradings which should assumed civil liability can be summarized as three types:self trading,tipping trading and entity trading,and the form of liabilities should be determined separately within the current legal framework based on specific circumstances.
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维普
