Produktverbote zur Gewährleistung von Finanzmarktstabilität

Since the financial crash of 2007/08, the main aim of capital market regulation has been to secure financial market stability. To this end, legislative and supervisory bodies have not shied from intervening in core market mechanisms by banning certain products. With academic discussion on such methods of regulation still in its infancy, Daniel Klingenbrunn examines the legitimacy of such measures and seeks to establish sound legal doctrine for them based on the adaptive market hypothesis, an evolutionary financial market theory in which financial markets are places of continuous trial and error, adaptive learning and natural selection processes. On this basis, he assesses the banning of uncovered short sales, credit default swaps (CDS) and the product intervention regime in the Markets in Financial Instruments Regulation (MiFIR).