Insider Trading in Japan: A Challenge to the Integration of the Japanese Equity Market into the Global Securities Market

Thursday, January 1st, 1987 at 12:00 am by Larry Zoglin
Larry Zoglin, Insider Trading in Japan: A Challenge to the Integration of the Japanese Equity Market into the Global Securities Market, 1987 Colum. Bus. L. Rev. 419

Recent highly publicized insider trading cases in the United States have provoked a great deal of debate, both in the U.S. and Japan, over the appropriate level of enforcement of insider trading laws. The growth and gradual internationalization of Japan’s equity market has added to the external pressure on the Japanese to take a more active role in prohibiting insider trading. The character and history of the Japanese securities market, however, resist the imposition of strict enforcement policies. Because of the size of the Japanese securities market, the disparity between Japanese and foreign enforcement of insider trading represents a significant challenge to the successful globalization of the world’s securities markets.

Author Information

Larry Zoglin is an associate in the Washington, D.C. office of Paul, Weiss, Rifkind, Wharton & Garrison, New York. Mr. Zoglin recently conducted a study of the Japanese securities market with the support of a grant from the Fulbright Exchange Program.