ﺗﺤﻠﯿﻞ ﺳﻔﺎرشﻫﺎي ﭘﻨﻬﺎن در ﻣﻌﺎﻣﻼت ﺳﻬﺎم ﺑﺮاﺳﺎس ﻗﺎﻋﺪه ﻣﻤﻨﻮﻋﯿﺖ ﻏﺮر در ﻓﻘﻪ اﺳﻼﻣﯽ

analyzing hidden orders in stock markets according to the prohibition of Gharar in Islamic jurisprudence

اﻣﺮوزه ﺣﺠﻢ ﻧﻘﺪﯾﻨﮕﯽ ﭘﻨﻬﺎن در ﺑﺎزارﻫﺎي ﻣﺎﻟﯽ ﺑﻪﻃﻮر ﻗﺎﺑﻞ ﻣﻼﺣﻈﻪاي اﻓﺰاﯾﺶ ﭘﯿﺪا ﮐﺮده و ﻣﻮرد ﺗﻮﺟﻪ ﺳﺮﻣﺎﯾﻪﮔﺬاران، اﻗﺘﺼﺎدداﻧﺎن و ﺳﯿﺎﺳﺖﮔﺬاران ﺑﺎزار ﻗﺮار ﮔﺮﻓﺘﻪ اﺳﺖ. ﺳﻔﺎرشﻫﺎي ﭘﻨﻬﺎن ﺑﻪﻋﻨﻮان ﯾﮑﯽ از ﭘﺮﮐﺎرﺑﺮدﺗﺮﯾﻦ ﺧﺪﻣﺎت ﺑﺎزارﻫﺎي ﺳﻬﺎم، ﻧﻘﺶ ﻗﺎﺑﻞ ﺗﻮﺟﻬﯽ در ﺗﻌﯿﯿﻦ ﻋﻤﻖ ﺑﺎزار و ﺟﻬﺖدﻫﯽ آن اﯾﻔﺎ ﻣﯽﮐﻨﻨﺪ. اﻣﺮوزه ﭘﮋوﻫﺶﻫﺎي ﺑﺴﯿﺎري در راﺑﻄﻪ ﺑﺎ اﯾﻦ ﻣﮑﺎﻧﯿﺴﻢ و ﺗﺄﺛﯿﺮ آن در ﺟﻬﺖﮔﯿﺮي ﻗﯿﻤﺖﻫﺎ، رﻓﺘﺎر ﻣﻌﺎﻣﻠﻪﮔﺮان و اﺳﺘﺮاﺗﮋيﻫﺎي ﺳﺮﻣﺎﯾﻪﮔﺬاري ﺻﻮرت ﮔﺮﻓﺘﻪ اﺳﺖ؛ ﺑﺎ اﯾﻦ ﺣﺎل ﺗﺎﮐﻨﻮن ﭘﮋوﻫﺸﯽ ﺑﺎ روﯾﮑﺮد ﻓﻘﻬﯽ در راﺑﻄﻪ ﺑﺎ ﻣﻮﺿﻮع ﺳﻔﺎرشﻫﺎي ﭘﻨﻬﺎن اﻧﺠﺎم ﻧﺸﺪه اﺳﺖ. ﺳﺆال اﺳﺎﺳﯽ ﭘﮋوﻫﺶ ﺣﺎﺿﺮ اﯾﻦ اﺳﺖ ﮐﻪ آﯾﺎ ﺳﻔﺎرشﻫﺎي ﭘﻨﻬﺎن ﻣﻮﺟﺐ ﻏﺮري ﺷﺪن ﻣﻌﺎﻣﻼت ﺳﻬﺎم ﻣﯽﺷﻮد؟". ﺑﺮاي ﭘﺎﺳﺦ ﺑﻪ اﯾﻦ ﻣﺴﺌﻠﻪ ﭘﮋوﻫﺸﮕﺮان ﺑﺎ اﺗﺨﺎذ ﯾﮏ ﺳﯿﺮ اﺳﺘﺪﻻﻟﯽ ﭘﻨﺞﻣﺮﺣﻠﻪاي ﻣﺒﺘﻨﯽ ﺑﺮ اﺳﺘﺮاﺗﮋي ﭘﮋوﻫﺶ ﮐﯿﻔﯽ ﻋﻤﻮﻣﯽ اﺑﺘﺪا ﺑﻪ ﺗﻮﺻﯿﻒ ﻣﻔﻬﻮم ﺳﻔﺎرشﻫﺎي ﭘﻨﻬﺎن ﺑﺮ اﺳﺎس ﻣﻨﺎﺑﻊ ﻣﺘﻌﺎرف ﭘﺮداﺧﺘﻪ و ﺳﭙﺲ ﺑﻪ ﺗﺤﻠﯿﻞ و ﺗﻄﺒﯿﻖِ ﻗﺎﻋﺪهي ﻣﻤﻨﻮﻋﯿﺖ ﻏﺮر ﺑﺮ ﺳﻔﺎرشﻫﺎي ﭘﻨﻬﺎن ﺑﻪﻋﻨﻮان ﯾﮏ ﻣﺴﺌﻠﻪي ﻣﺴﺘﺤﺪﺛﻪ ﻣﯽﭘﺮدازﻧﺪ. ﭘﮋوﻫﺶ ﺻﻮرت ﮔﺮﻓﺘﻪ ﺗﻄﺒﯿﻖ و ﯾﺎ ﻋﺪم ﺗﻄﺒﯿﻖ ﻗﺎﻋﺪهي ﻣﻤﻨﻮﻋﯿﺖ ﻏﺮر ﺑﺮ ﺳﻔﺎرشﻫﺎي ﭘﻨﻬﺎن را ﺑﻪﻋﻨﻮان ﯾﮏ ﺣﮑﻢ اوﻟﯿﻪ ﻣﻮرد ﺗﺤﻠﯿﻞ و ﺑﺮرﺳﯽ ﻗﺮار ﻣﯽدﻫﺪ. ﺳﭙﺲ ﻧﺘﺎﯾﺞ ﺣﺎﺻﻞ ﺑﺎ روش ﮔﺮوه ﮐﺎﻧﻮﻧﯽ در ﻣﻌﺮض ﺗﺤﻠﯿﻞ و ﻧﻘﺪ ﺻﺎﺣﺐﻧﻈﺮان ﺣﻮزه ﻓﻘﻪ ﻣﺎﻟﯽ ﻗﺮارﺧﻮاﻫﺪﮔﺮﻓﺖ. ﻧﺘﯿﺠﻪ ﭘﮋوﻫﺶ اﯾﻨﮑﻪ ﻏﺮري ﺑﻮدن ﻣﻌﺎﻣﻼت ﻣﺒﺘﻨﯽ ﺑﺮ ﺳﻔﺎرشﻫﺎي ﭘﻨﻬﺎن ﺑﻪ اﻋﺘﺒﺎراﺗﯽ ﭼﻮن ﻏﺮري ﺑﻮدن ﺷﺮاﯾﻂ ﻣﻬﻢ ﻣﻌﺎﻣﻠﻪ و ارزش ﻣﺒﯿﻊ)ﻗﯿﻤﺖ ﺳﻬﺎم( ﺑﻪﻋﻨﻮان ﯾﮏ ﺣﮑﻢ اوﻟﯿﻪ ﻣﺤﺮز ﻣﯽﺷﻮد.

In recent years, the proliferation of hidden liquidity in financial markets has shifted to the center of regulatory debates and market micro-structure panels. Hidden order as one of the most used services which acts an important role in leading the prices and depth of transactions in stock markets. But there isn’t still a particular research to study negative points of hidden order separately vs it’s advantages & there is also no typical research that study Islamic principles related to hidden orders. The main question in this research is about Legitimacy of having hidden orders in Islamic stuck markets: can we use hidden orders in Islamic stuck markets based on the rule of prohibition of Gharar in Islamic jurisprudence? The research strategy is general qualitative which has five stage through the reasoning process. Next to describing different aspects of hidden orders, it will be tried to analyze verification of hidden order as a prohibited financial service based on Gharar. So both of analytical and descriptive way as two aspect of research purpose would be applied. During the research, the main approach is based on governmental jurisprudence and policy making. At the end, some contrasts with first-stage juridical principles are evident