Law Commons^™

Cancelation Of High Frequency Trades: Clearly Erroneous Or Just A Mistake?, Andrew D. Getsinger

Bocconi Legal Papers

This paper focuses on an often overlooked and obscure element of the current marketplace: erroneous transactions. Historically, before the markets’ heavy reliance on automated systems, erroneous transactions were only rescindable if both parties agreed to rescind — a mutual mistake approach. Today, however, Exchanges have incorporated a dispute process to trade rescission, where members petition to the Exchange (the third-party) for cancelation of a bad-trade. A trade will then be nullified by the Exchange, if the Exchange finds that trade to be “clearly erroneous” or to have been made in “obvious error.” This dispute-process is called the “clearly erroneous execution” …

L’Azione Di Riduzione Nei Confronti Del Donatario Che Non Sia Più In Possesso Del Bene, Federico Mottola Lucano

Bocconi Legal Papers

Nel vigente codice civile è possibile riscontrare la presenza di un impianto di norme imperative poste a tutela dei diritti successori dei legittimarii. A tali soggetti l’ordinamento riconosce il diritto, sussistendone i presupposti, di agire nei confronti dei beneficiari delle disposizioni lesive della quota ideale di patrimonio ereditario loro spettante per veder restituito nell’asse ereditario il bene la cui disposizione sia stata lesiva, ovvero l’imputazione del corrispondente valore.

Questa tutela, che viene genericamente definita "azione di riduzione", consta in realtà di tre autonome azioni: l’azione di riduzione in senso stretto, l’azione di restituzione nei confronti dei beneficiari delle disposizioni ridotte …

Law & Globalization, Giovanni Iudica

Bocconi Legal Papers

This article explores the position of law vis-à-vis the complex phenomenon of globalization. It begins by defining globalization as the change brought about by the onset of market economy and by the technological revolution of the twentieth century. The article goes on to sketch a short history of the institutions which globalization has had the greatest destabilizing impact on: the national State and—for civil law jurisdictions—codifications. The declining role of States (and their codes) is then presented as the main reason for the enhanced importance of lex mercatoria in regulating international exchanges. This change translates, in practice, in the increased …

Chronicles Of A Failure: From A Renegotiation Clause To Arbitration Of Transnational Contracts, Luigi Russi

Bocconi Legal Papers

The present paper recounts the various steps which parties to a transnational contract containing a renegotiation clause may need to go through, should the circumstances accounted for in the renegotiation clause come to existence. To this end, the article sets off from an outline of the most relevant structural features and functions of renegotiation clauses, and of the typical obligations which may derive therefrom.

Secondly, the paper's focus narrows down to the - by no means infrequent - case of failure to renegotiate in presence of an arbitration clause governing the parties' agreement. In the latter case, in particular, several …

Point And Click: E-Commerce Consumer Protection In Italy, Marco Bassini

Bocconi Legal Papers

The paper contains an analysis of the efforts undertaken by the Italian legislator in the last few decades – spurred also by the enactment of European directives on the matter – to establish a progressively more precise, but ultimately stratified and precarious, regulatory framework with respect to a phenomenon in great expansion: electronic commerce, which offers a clear exemplification of the difficulties that characterize the complex relationship between law and technology.

Highlighting the immanent limits and problems with respect to the legislator’s choices, prominence has particularly been given to the difficulties arising from an obstinate application of general rules to …

Information Duties In Providing Investment Services To Retail Customers, Federico Longobardi

Bocconi Legal Papers

The present paper analyses, after discussing in general terms the value of information in financial markets, conduct rules under article 21(b) of Italian decree 58/1998 and articles 26, 28 and 29 of Italian financial intermediaries regulation (containing the so- called “know your customer rule”, “know your merchandise rule”, “suitability rule”). Where appropriate, it is discussed which measures ought to be adopted to comply with the contents of the Directive 2004/39/EC; moreover, due attention is paid to the rules regulating foreign markets and to the suggestions coming from economic analysis of law. The last part of the paper briefly describes the …