Der Faktische Borsenhandler

Since the introduction of the electronic trading system the vast majority of stock exchange transactions have been concluded electronically. The associated opportunity of putting in orders to the order book from any point in the globe without the need of physical presence in the trading room leaves the system open to abuse. The work examines the question of how and who can be legally sanctioned, when an outside broker participates in electronic stock trading system by obtaining someone's access data. The emphasis of the research is on the proceedings before the Sanctions Committee according to article 22 II of the German Stock Exchange Act (BorsG). The author concludes that sanctions against the persons involved are only possible when certain strict conditions are met.