Insider Trading im digitalen Zeitalter: Neue Herausforderungen und Risiken

Insider trading has existed since the launch of the very first organized trading venues and is now prohibited in most jurisdictions. The growing digitalization of the financial industry is adding several layers of complexity to the topic and creating both new risks and opportunities for market participants. First, digitalization brings about a higher interconnectivity between the global financial markets, which in turn enhances the risk of exposure to foreign insider regimes. Second, the current rise in «cryptos» raises the question whether existing insider regimes apprehend insider trading on crypto-based values. Third, in the digital age, access to information occurs mainly through the Internet: to which extent can information, which is available on the Internet, remain confidential and still qualify as insider information? Fourth, both trading venues and financial intermediaries are currently trying to harness the potential of artificial intelligence in their monitoring activity to…