Legal Problems of E-Commerce Within the International Financial Market

Abstract

Initially financial market was an instrument for the financial resources mobilization in the areas connected with high degree of risks. Financial market always attracted speculative activities that allowed fast enrichment of speculators. So the financial market regulation developed as a contraction between stat-regulation aimed at restriction of speculative ambitions of marketparticipants and market-participants tending to escape or overcome regulative limitations and prohibitions. The financial market that appeared in England initially was the marketplace for speculative transactions of stock-joggers. Lately it transported to the North-American colonies where its speculative characteristics increased. The market participants were ready and tended to use all the achievements of science and technologies in their market operations. The need to attract additional finance fast and use of technological achievements contributed much to the increase of the amounts and volume of financial operations on New York Stock Exchange. In the absence of the effective state control it lead to the Crash of October 1929 and started the Great Depression. The 1929 events resulted in the formulating of the financial markets legislation and principles that affected legislation of the other countries e.g. EC. Gradual denial of some of the principles increased speculative ambitions on the market. These ambitions were connected with the so called "financial instruments" that appeared due to the information (computer) technologies. The lack of the due control over the market of the derivative instruments lead to the global financial crisis of 2008 and consequent modification of the legislation in the USA as well as EC that increased the state control over the market. At present market participants use various types of information platforms. It affords to attract capital by means of such instruments as block-chain (including various forms of crypto-currencies). Such situation may lead to mass violation of investors and consumers rights in the absence of the mechanism guaranteeing transparency of operations. Universal character of information technologies and their further development assist to the their commercial use in various areas, e.g. biology. The development of the researches in genetics demonstrate certain likeness of the approaches and directions of the regulation.