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

Rabel Journal of Comparative and International Private Law (RabelsZ), Vol. 82, No. 3, pp. 697-740, 2018

DOI: 10.1628/rabelsz-2018-0054

Max Planck Private Law Research Paper No. 17/22

46 Pages Posted: 8 Dec 2017 Last revised: 29 Aug 2018

See all articles by Harald Baum

Harald Baum

Max Planck Institute for Comparative and International Private Law

Andreas Martin Fleckner

Max Planck Institute for Comparative and International Private Law

Mihoko Sumida

Hitotsubashi University - Graduate School of Law

Abstract

Deutsche Zusammenfassung: 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.

English 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.

Note: This pre-print version is published in the Max Planck Private Law Research Paper Series with the permission of the rights owner, Mohr Siebeck. All full-text Rabel Journal articles are available via pay-per-view or subscription at IngentaConnect, a provider of digital journals on the internet. Downloadable document is in German.

Keywords: stock exchanges, securities trading, self-regulation, securities law, price formation, price discovery, trading irregularities, clearly erroneous executions, mistrades, liability, damages

JEL Classification: G15, G18, G23, G28, K22, L33

Suggested Citation

Baum, Harald and Fleckner, Andreas Martin and Sumida, Mihoko, Haftung für Pflichtverletzungen von Börsen (Liability for Trading Irregularities at Stock Exchanges). Rabel Journal of Comparative and International Private Law (RabelsZ), Vol. 82, No. 3, pp. 697-740, 2018; DOI: 10.1628/rabelsz-2018-0054; Max Planck Private Law Research Paper No. 17/22. Available at SSRN: https://ssrn.com/abstract=3082811

Harald Baum (Contact Author)

Max Planck Institute for Comparative and International Private Law ( email )

Mittelweg 187
D-20148 Hamburg
Germany

Andreas Martin Fleckner

Max Planck Institute for Comparative and International Private Law ( email )

Mittelweg 187
20148 Hamburg
Germany

Mihoko Sumida

Hitotsubashi University - Graduate School of Law ( email )

Japan

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