The Ethics of Banking: Conclusions from the Financial Crisis (Issues ...

Intangibility of Financial Products as an Ethical Problem 103
It is obvious that concern about insider trading must be greater in countries where
the stock exchange plays a more important role in the coordination of investments,
and where investments in shares are used to finance retirement pensions. Germany’s
delay in passing legislation against insider trading is explained, in part, by the fact
that German retirement provision is not dependent upon share dividends. The case of
the legislation against insider trading shows the complementary character of ethics
and the law. Economic ethics cannot replace legislation on business law, but ethics
and law complement one another.