20.500.12556/DKUM-94397 Manipulacija trga finančnih instrumentov z uporabo spletnih platform Manipulation of financial instruments market using online platforms Prispevek analizira učinkovitosti veljavne zakonodaje na področju naraščajoče grožnje tehnološkega manipuliranja na trgu finančnih instrumentov v ZDA in Sloveniji. Nedavna manipulacije delnice GameStopa, ki je bila aprila 2020 vredna le 2,80 dolarja, po ravnanju špekulantov na forumu Reddit pa se je njen tečaj povzpel za skoraj 700 odstotkov, je opozorila na sivo cono v pravnem sistemu ZDA. Ravnanje odpira vprašanje, ali dogovarjanje na spletnih forumih, kot je Reddit, sploh izpolnjuje znake kaznivega dejanja tržne manipulacije in ali bi morali moderatorji spletnih forumov omejiti tovrstno komunikacijo. Trenutno veljavna zakonodaja EU za razliko od ZDA deluje preventivno pred prenapihnjenostjo tečajev delnic s samodejnimi sistemi. Ti namreč začasno ustavijo trgovanje z vrednostnimi papirji, ki na seji narastejo za 10 odstotkov, in nato spet pri prirastu za 5 odstotkov. Vendar varovala niso vedno dovolj, pomembna je tudi učinkovita in jasna zakonodaja, ki odvrača tovrstno manipulacijo in varuje celovitost trga finančnih instrumentov. This paper undertakes a comprehensive examination of existing criminal legislation in the United States and Slovenia governing the burgeoning technological threat of market manipulation in light of the escalating cyber threats on online platforms. The GameStop stock incident with surge stock price, from a mere $2.80 in April 2021 to an astounding 700 percent increase, as orchestrated by speculators on the Reddit forum, has illuminated ambiguities within the US legal landscape. This incident prompts a critical inquiry into whether activities such as collusion on online platforms like Reddit can be construed as market manipulation and the potential role of forum moderators in overseeing user behaviour. The GameStop scenario highlights the shifting dynamics of financial markets in the digital age, where traditional frameworks struggle to keep abreast of the sophisticated strategies employed by technologically adept players. The swift dissemination of information on online platforms muddles the distinction between authentic market sentiment and orchestrated manipulation. The anonymity afforded by electronic communication, the vastness of cyberspace, and rapid technological progress create an environment conducive to the emergence of innovative financial technologies and tactics for market manipulation. finančni instrument zloraba trga delniški trgi tržna manipulacija spletne platforme financial instrument market abuse stock markets market manipulation online platforms true false false Slovenski jezik Angleški jezik Neznano 2025-08-15 03:22:05 2025-08-18 18:37:35 2025-08-19 03:19:52 0000-00-00 00:00:00 2024 0 0 Str. 309-337 0000-00-00 Zaloznikova NiDoloceno NiDoloceno 0000-00-00 0000-00-00 0000-00-00 336.76:343 179685123 182184707 10.18690/um.pf.1.2024.10 Manipulacija+trga+financnih+instrumentov+z+uporabo+spletnih+platform.pdf Manipulacija+trga+financnih+instrumentov+z+uporabo+spletnih+platform.pdf 1 ED2B5A334C6292885A014CEAFFED9A54 e0b84be619645a77290fbfbf61c79a1fb3d223e7320e1ed5362f57fdfac17e78 a049fbff-7c51-11f0-b405-00155d000105 https://dk.um.si/Dokument.php?lang=slv&id=195505 Pravna fakulteta 0 0 0