Stock exchange usage
Under stock market rules are understood commercial practices that are either based on a uniform, voluntary, permanent actual exercise or exist as specified market conditions and are used for settlement of exchange transactions. Exchange customs and other rules of conduct can, but do not have to be, included in regional exchange regulations .
Types of stock market usages
The various levels of stock exchange trading are associated with stock exchange practices. They begin with buy and sell orders from the bank customer, continue among those involved in stock exchange trading during floor or telephone trading and end with price additions.
Usages for buy and sell orders
Bank customers who are not familiar with stock exchange terms (private customers in accordance with Section 67 (3 ) WpHG ) must be informed of the content, meaning and effectiveness of specific stock exchange terms when executing stock exchange orders in the form of special terms and conditions for stock exchange transactions and comprehensive personal advice. These are additions to the order , the meaning of which needs to be explained. They concern the embodiment of the stock exchange order. Precise knowledge of how they work is crucial for placing buy or sell orders.
Floor trading in the stock exchange
This includes, in particular, the hand signals known between stock exchange traders and stockbrokers during floor trading , which are used to accelerate the processing of stock exchange transactions. They are used to communicate about the purchase or sale of certain securities . This form of stock exchange trading is sometimes referred to as criée trading because the parties involved call out their intentions to buy or sell (French: “à la criée”) and / or communicate with each other using a show of hands. Since the bank customer is not involved in this process phase of his stock exchange orders, his knowledge of the meaning of individual hand signals is not required.
Course supplements
Finally, the stock exchange prices published in the media are provided with price additions that also require explanation. These are abbreviations that are published together with the actual market price and enable the reader to draw further conclusions about the price formation.
Avoidance Periods
See also mistrade deadlines
In contrast to normal business, the fast-moving capital market demands that legal certainty be created very quickly as to whether a business has existed or will be canceled due to a mistrade . For this reason, it is only possible to legally challenge concluded securities transactions within a very limited period of time . In an Orbiter dictum decision of the BGH , mistrade clauses allow " the limited possibility of unilaterally withdrawing from the contract if the transaction was concluded at a price that was not in line with the market ".
According to § 32 of the Exchange Rules at the Frankfurt Stock Exchange , the mistrade regulation replaces the legal contestation periods according to § 119 BGB . "Undertow. Mistrade regulations also provide OTC trading with Wertpaieren a commercial practice is" .
Basis for decision-making and consequences
Knowledge of these stock market practices is the most important basis for an investor's decision-making, as he can only place his securities orders in a targeted and damage-free manner if he has sufficient knowledge of the content and mode of action of these practices . If the private customer is not or not fully informed about the content and mode of action of stock market practices, the financial services institutions violate secondary contractual obligations in accordance with Section 63 (7) and Section 82 WpHG, which can trigger a claim for damages by the bank customer under Section 280 BGB .
Web link
Individual evidence
- ↑ BGH judgment of June 30, 2009 Az. XI ZR 364/08. Federal Court of Justice, June 30, 2009, accessed on February 3, 2017 .
- ^ Conditions for transactions on the Frankfurt Stock Exchange. (No longer available online.) Frankfurt Stock Exchange, November 21, 2016, archived from the original on February 3, 2017 ; Retrieved February 3, 2017 . Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.
- ↑ Hartmut Oetker et al .: Commentary on the Commercial Code . Ed .: CH Beck. ISBN 3-406-60469-2 .
