如何界定“抢帽子交易”的法律性质，在各国证券界一直存在争议。
How to define the legal nature of scalping remains a disputable issue in the world securities industry.
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.
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