Transmarket Trading Pty Limited v Sydney Futures Exchange Limited [2010] FCA 534

FEDERAL COURT OF AUSTRALIA

Transmarket Trading Pty Limited v Sydney Futures Exchange Limited [2010] FCA 534 Citation: Transmarket Trading Pty Limited v Sydney Futures Exchange Limited [2010] FCA 534

Parties: TRANSMARKET TRADING PTY LIMITED, KESTREL TRADING PTY LIMITED and BISKRA AOTEAROA LIMITED v SYDNEY FUTURES EXCHANGE LIMITED

File number(s): NSD 1984 of 2007

Judges: PERRAM J

Date of judgment: 28 May 2010

Catchwords: CORPORATIONS – Financial services and markets – Licensing of financial markets – Obligation on a market operator to establish and maintain a "fair, orderly and transparent market" – Definition – ss 760A & 792A Corporations Act 2001 (Cth)

Legislation: Administrative Decisions (Judicial Review) Act 1977 (Cth) s 5(1)(c) Australian Securities and Investments Commission Act 2001 (Cth) ss 12BC, 12CC, 12ED Corporations Act 2001 (Cth) ss 129, 760A, 761A, 792A, 793B, 793C, 793E Financial Services Reform Act 2001 (Cth) Securities Exchange Act of 1934 s 11A (15 USC § 78k-1 (2006 & Supp II, 2008))

Cases cited: Australian Securities and Investments Commission v National Exchange Pty Ltd (2005) 148 FCR 132 cited Australian Trade Commission v Goodman Fielder Industries Ltd (1992) 36 FCR 517 cited Brown v Petranker (1991) 22 NSWLR 717 cited Cassell v R (2000) 201 CLR 189 cited Darlington Futures Ltd v Delco Australia Pty Ltd (1986) 161 CLR 500 cited Edwin Hall & Partners v First National Finance Corporation plc [1988] 3 All ER 801 cited Equiticorp Finance Ltd (In liq) v Bank of New Zealand (1993) 32 NSWLR 50 cited Freeman & Lockyer v Buckhurst Park Properties (Mangal) Ltd [1964] 2 QB 480 cited Glamorgan Coal Co Ltd v South Wales Miners' Federation [1903] 2 QB 545 cited Gray v Motor Accident Commission (1998) 196 CLR 1 cited Re Labranche Securities Litigation 405 F Supp 2d 333 (S.D.N.Y. 2005) cited Mackay v Dick (1881) 6 App Cas 251 cited R v Clarke (1927) 40 CLR 227 cited Reinhold v New South Wales Lotteries Corporation [2008] NSWSC 5 cited Siu Yin Kwan v Eastern Insurance Co Ltd [1994] 2 AC 199 cited Southern Union Co v Missouri Public Service Commission 138 F Supp 2d 1201 (W.D.Mo. 2001) cited Sydney Corporation v West (1965) 114 CLR 481 cited Telecom Vanuatu Ltd v Optus Networks Pty Ltd [2008] NSWSC 1209 cited Thyssen Inc v SS Fortune Star 777 F 2d 57 (2nd Cir, 1985) cited Whitfeld v De Lauret & Co Ltd (1920) 29 CLR 71 cited XL Petroleum (NSW) Pty Ltd v Caltex Oil (Australia) Pty Ltd (1985) 155 CLR 448 cited