Austrian law requires a banking license for certain forms of proprietary trading. While the Supreme Administrative Court (VwGH) tends to classify many activities as banking business, the Supreme Court (OGH) recently took a more generous stand: Only where proprietary trading is done “in a bank-like manner”, a banking license is required. Trading in a bank-like manner requires multiple counterparties, a professional analysis- and professional trading system. (6Ob229/14s)
Proper proprietary trading
