Table of Contents

Research Handbook on Insider Trading

Research Handbook on Insider Trading

Research Handbooks in Corporate Law and Governance series

Edited by Stephen M. Bainbridge

In most capital markets, insider trading is the most common violation of securities law. It is also the most well known, inspiring countless movie plots and attracting scholars with a broad range of backgrounds and interests, from pure legal doctrine to empirical analysis to complex economic theory. This volume brings together original cutting-edge research in these and other areas written by leading experts in insider trading law and economics.

Chapter 19: Insider trading in Australia

Keith Kendall and Gordon Walker

Subjects: economics and finance, economic crime and corruption, law - academic, company and insolvency law, corporate law and governance, corruption and economic crime


As a former British colony, Australia is a common law country. At Federation in 1901, the then six separate colonies became States, with the formation of a central government at the federal level. This federal system, in which legislative competency is split between two levels of government, has shaped the form and history of securities regulation (as a subset of corporate law) in Australia. This introduction provides the context in which the Australian insider trading regime has been developed. In 2012, Australia constitutes a medium-sized economy with GDP of USD 1.5 trillion and a population base of approximately 22 million. The main securities market is the Australian Securities Exchange (ASX), which is a national operation. The national market was formed in 1987 through the amalgamation of the previously independent State stock exchanges. As of March 2012, there were 2,223 companies listed on the ASX and market capitalization was AUD 1.3 trillion4 (the eighth largest in the world and second largest in the Asia-Pacific).

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