卖空机制不仅可以促使资产的价格向基本价值回归，提高市场的有效性，而且在一定程度上减少了内幕交易者对市场的操纵行为。
Short selling mechanism not only can move price to levels justified by fundamentals, and help to improve market efficiency, but to some extent can decrease the manipulation behavior of the insider.
2003年德国联邦最离法院对斯图加特“抢帽子交易上诉案”作出判决，裁定“抢帽子交易”不是内幕交易，而是市场操纵。
In 2003, German federal Supreme Court made a ruling on the scalping case that they were guilty of market manipulation rather than insider trading.
内幕交易和市场操纵属于市场欺诈行为，由于其对证券市场具有严重的危害，因此受到大多数国家的严格监管。
Insider trading and market manipulation belong to security fraud, which the authorities all over the world supervise because of their great harmfulness.
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