Analyse critique des arguments concernant la moralité de s'engager dans le "délit d'initié" sur le marché des valeurs mobilières : bien qu'elle soit illégale sur la plupart des marchés d'actions, cette pratique peut-elle être totalement éradiqué

Exposé Comptabilité & finances Finance

Date de publication :

08/03/2009

Langue :

Anglais

Format :

.doc

Nombre de pages :

5 pages

Niveau :

expert

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1 fois

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Sommaire :

Sommaire

Critical assessment of the main arguments surrounding the morality of insider trading
Can insider trading be eradicated totally? & Is it desirable?

Résumé :

As the securities markets were expanding rapidly in the second part of the 20th century, a widespread assumption maintaining that insider trading must be prohibited on moral grounds took root in the collective consciousness. These economic transactions are illegal in most stock markets and the legislative responses to insider trading have been strengthening over the last decades. Indeed insider trading which refers to the "ability of key employees to profit from knowledge or information that has not yet become public" is considered as being contrary to the rules of good and moral conduct in respect of business practices.
Insider trading is unfair in the same way as a fixed horse race is unfair; it gives the [...] market a bad image.

Nonetheless the illegality of insider trading is one of the most controversial debates among economists and legal scholars since some argue that these economic transactions are not harmful but beneficial to the whole economy. Undeniably they make the markets more efficient and closer to the reality, so that it is sometimes claimed that the regulations prohibiting insider trading should be revoked. From a moral perspective, insider trading can be seen as being reasonable and sound whenever it does not involve the breach of any insider's duties or the violation of other's rights.
Morally speaking, is insider trading in securities markets acceptable? Could this practice be eradicated totally? Is it desirable?