Vertrauen im Kapitalmarkt

Trust is an essential element of a capital market. The market participants want to be confident that the other actors behave as expected. Financial market regulation supports the underlying expectations by ensuring transparency, prohibiting market abuses, stipulating various duties and imposing sanctions or liability in the event of breach. The objectives of most regulation, i.e., the protection of investors and the proper functioning of the market, relate to trust either on an individual or a collective level. The legislation should, however, take into account that the perception of investors is adversely affected in a variety of ways, as behavioral finance shows. Not every investor acts like the ideal homo oeconomicus, and overcoming structural information asymmetries among the market participants by imposing additional information duties is not sufficient. The importance of trust will not expire in future capital markets using blockchain technology. Nevertheless, the basis of trust…