Australian Securities and Investments Commission v Union Standard International Group Pty Ltd (Trial Ruling No 2) [2023] FCA 333

Federal Court of Australia

Australian Securities and Investments Commission v Union Standard International Group Pty Ltd (Trial Ruling No 2) [2023] FCA 333 File number: NSD 2064 of 2019

Judgment of: WIGNEY J

Date of judgment: 20 March 2023

Date of publication of reasons: 14 April 2023

Catchwords: PRACTICE AND PROCEDURE – Evidence Act 1995 (Cth) s 79 – expert evidence regarding trading in over-the-counter derivatives in Australia – objections by second defendant to plaintiff's expert evidence – contention that the plaintiff's expert, a compliance manager at a securities trading company, lacked specialised knowledge of trading and trading strategies – whether a "non-participating onlooker" can have specialised knowledge of trading and trading strategies – contention that one cannot acquire specialised knowledge from observing rather than engaging in trading in derivative markets rejected – expert found to possess specialised knowledge and not mere derivative familiarity with subject – objection dismissed – further objection premised on expert's alleged inadequate reasoning and ipse dixit assertions – opinion held to adequately reveal foundational facts, assumptions and application of specialised knowledge – objection dismissed PRACTICE AND PROCEDURE – Evidence Act 1995 (Cth) s 79 – expert evidence regarding trading of over-the-counter derivatives in Australia – objections by plaintiff to second defendant's expert evidence – objections premised on expert's lack of specialised knowledge of Australian derivatives market and retail customers – expert experienced in institutional trading in large securities markets in the United States – experience not relevant to conduct of corporate authorised representatives in the Australian market for over-the-counter derivatives and the conduct of inexperienced retail traders in that market – objections allowed in part