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  Haftung für Pflichtverletzungen von Börsen (Liability for Trading Irregularities at Stock Exchanges)

Baum, H., Fleckner, A. M., & Sumida, M. (2017). Haftung für Pflichtverletzungen von Börsen (Liability for Trading Irregularities at Stock Exchanges). Working Paper of the Max Planck Institute for Tax Law and Public Finance, No. 17/22.

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https://ssrn.com/abstract=3082811 (Preprint)
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 Creators:
Baum, Harald1, Author              
Fleckner, Andreas M.2, Author              
Sumida, Mihoko3, Author
Affiliations:
1MPI for Comparative and International Private Law, Max Planck Society, ou_24030              
2Otto Hahn Group on Financial Regulation, MPI for Tax Law and Public Finance, Max Planck Society, ou_2379693              
3External Organizations, ou_persistent22              

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Free keywords: stock exchanges, securities trading, self-regulation, securities law, price formation, price discovery, trading irregularities, clearly erroneous executions, mistrades, liability, damages
 Abstract: In Deutschland ist – soweit aus den öffentlich bekannten Verfahren ersichtlich – noch niemals eine Börse, ein Börsenträger oder ein Börsensitzland wegen Unregelmäßigkeiten im Börsenhandel zu Schadensersatz verurteilt worden (etwa bei Geschäften zu nicht marktgerechten Preisen, Mistrades). Im Mizuho-Fall musste die Börse Tokyo dagegen Ersatz in Höhe von umgerechnet rund 80 Millionen Euro leisten. Der Beitrag untersucht die durch den Mizuho-Fall aufgeworfenen Fragen für das deutsche Recht und vergleicht die Ergebnisse mit den Entscheidungen der Gerichte in Japan.
 Abstract: It appears from public records that no German stock exchange, exchange operator, or host state has ever been held liable by a court for trading irregularities at the exchange (such as clearly erroneous executions). The Tokyo Stock Exchange, in contrast, was ordered to pay damages of almost eleven billion yen (roughly 80 million euros) following the Mizuho case. This paper discusses how the issues raised by the Mizuho case would have been handled under German law and compares the findings with the decisions of the courts in Japan.

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Language(s): deu - German
 Dates: 2017-12-08
 Publication Status: Published online
 Pages: 42
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 Table of Contents: -
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Title: Working Paper of the Max Planck Institute for Tax Law and Public Finance
Source Genre: Series
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Pages: - Volume / Issue: No. 17/22 Sequence Number: - Start / End Page: - Identifier: -