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Example of a Cross-market Manipulation Scheme 160
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The modern stock market bears little resemblance to its form when the statutes designed to regulate it were first enacted. In the 21st Century, the market is almost entirely digital—replete with interconnected instruments and exchanges—spanning multiple jurisdictions and products. As recently as 1969, trades could take over a week to clear, now in...
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Zusammenfassung
Am modernen Kapitalmarkt werden zunehmend durch Künstliche Intelligenz (KI) und maschinelles Lernen (ML) gesteuerte Algorithmen eingesetzt. Neben enormen Effizienzgewinnen ergeben sich bei den fortschrittlichsten, selbstlernenden Algorithmen jedoch erhebliche Risiken für die Marktintegrität. Der vorliegende Beitrag zeigt auf, wie KI-Akteure selbständig Methoden des Marktmissbrauchs lernen können und konzentriert sich dabei auf Formen der Marktmanipulation und auf stillschweigende Absprachen. Der Beitrag hinterfragt zudem die Angemessenheit bestehender regulatorischer Rahmenbedingungen und Durchsetzungsmechanismen sowie aktueller Rechtsvorschriften zur Governance des algorithmischen Handels, um zunehmend autonomen und allgegenwärtigen algorithmischen Handelssystemen zu begegnen.
The Law Commission has proposed a new offence of cyberflashing to combat the problem of sending unsolicited images or videos of human genitals to others. It seems that what the Law Commission has in mind is not flashing per se, but cyber-nudity. Its proposal fails to comprehensively evaluate the adequacy of existing law and fails to balance the harm of a criminal conviction against the potential harm of cyberflashing. It shall be argued that the Law Commission seems to have conflated wrong with harm and that its harm claim is supported only by anecdotal evidence. The vast majority of cyberflashing cases, including most Airdropping and Bluetoothing cases, are already covered by existing law, leaving untouched only a handful of one-off Airdropping or Bluetoothing cases where the flasher did not intend to cause distress or anxiety and the victim did not apprehend imminent unlawful force. Thus, it is argued that this very narrowly tailored cyberflashing offence adds very little and that amending existing communication offences or harassment offences would provide more protection to victims as such offences could apply to a wide range of sexually harassing content, not just images or videos of human genitals.
