This article analyses the impact gaming and wagering laws have had in the area of financial derivatives. Gaming statutes have proven to be problematic in both on-exchange and over-the-counter markets. The article examines the historical origins of the legislation both in Australia and the UK. The article is critical of the application of gaming statutes in the area of financial instruments. Indeed, the application of these laws to this area indicates a complete misunderstanding of both the nature and substance of financial markets. The article agrees with the recommendation put forward by the Companies and Securities Advisory Committee for the removal of all gaming laws from over-the-counter markets.
Company and Securities Law Journal,
Vol.17, no. 3 (1999), pp. 171-186