Suchergebnisse für organisierte Handelssysteme

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…

DLT-basierte Finanzprodukte

DLT-based financial products are digitally created assets that can be transferred and stored on a Distributed Ledger Technology (DLT) infrastructure. Internationally, such digitally stored «tokens» are mostly referred to as «crypto assets»; however, there is still a lack of recognized, clear and internationally uniform definitions. Parallel to the spread of crypto assets being treated according…

Zivilrechtliche Aspekte von Geschäftsabwicklungen auf DLT-Handelsplattformen

Following FINMA’s definition of the framework conditions for the creation of digital assets (tokens) under financial market law, the DLT Act of September 2020 has now also clarified legal issues relating to the transfer of and trading in such assets. Thanks to the newly created normative order, business transactions on DLT trading platforms can be conducted in a largely legally secure manner…

Aktien als digitalisierte Werte

Shares issued on a distributed ledger have already been designated as a future market standard. The potential of these dlt-shares is also acknowledged by the Swiss government, which has published a preliminary draft on the adaptation of federal law to developments in distributed ledger technology earlier this year. This essay focuses on various mainly private law issues related to the issuance…

Fortress Europe: Die Äquivalenzverfahren der EU im Bereich der Finanzdienstleistungen

The European Union is by far the most important ­market for Swiss cross-border financial services. So far, the key strategy for market access has been to tailor Swiss financial regulation so as to achieve equivalence with EU law. However, the analysis of the current equivalence procedures reveals that equivalence is not the door opener one had hoped for. Core activities such as deposit-taking,…

Führen die neuen Technologien zur Disruption der Finanzmarktregulierung?

Technological developments and respective changes in business models require adaptations of the financial regulations. The need to adopt risk-oriented rules has become apparent already some time ago. Recently, regulators acknowledged the desirability of introducing innovation-supporting rules (for FinTech enterprises). The most disruptive effects, however, come from the new distributed ledger…

Derivatgeschäfte: Anwendung der FinfraG-Regulierung auf Schweizer Handels- und Industrieunternehmen

The Swiss rules on the conduct in connection with derivative transactions and trading set out in the Federal Act on Financial Market Infrastructures and Market Conduct in Securities and Derivatives Trading (FMIA) and its implementing ordinances were enacted more than two years ago, subject to applicable phase-in periods. However, when it comes to their applicability to commercial and industrial…

Die regulatorische Antwort auf FinTech: Evolution oder Revolution? Eine Verortung aktueller Entwicklungen

While technological improvements have shaped the financial industry and its regulation for decades, FinTech is the buzzword of the hour. Rapidly developing digital technologies allow new market entrants to disrupt the traditional intermediary-based provision of financial services (I.). These new businesses – in particular those that operate payment systems or engage in crowdfunding – may clash…

Das Finanzmarktaufsichtsrecht vom vierten Quartal 2015 bis ins vierte Quartal 2016

Die «Too-big-to-fail» (TBTF)-Bestimmungen des Bankengesetzes sind seit dem 1. März 2012 in Kraft. Mit Art. 52 BankG hat der Gesetzgeber sichergestellt, dass kontinuierlich ein waches Auge auf die Regulierung systemrelevanter Institute fällt. Da die beiden Grossbanken im Vergleich zum Schweizer Bruttoinlandprodukt deutlich grösser sind als die zwei grössten Banken in anderen Ländern¹ und…

Organisierte Handelssysteme im neuen FinfraG – Versuch einer ­regulatorischen Kategorisierung

The new Financial Market Infrastructures Act (FMIA) introduced a new regulatory framework for trading venues and organized trading that was inspired by EU regulations EMIR, MiFID II and MiFIR that concep­tually distinguishes between stock exchanges, multila­teral trading facilities (MTFs) and organized trading facilities (OTFs). Among these regulatory categories the OTF poses various difficulties…