Unilateral mistake and algorithmic trading

25 Mar 2019

The Singapore International Commercial Court recently issued its judgment in the first dispute in Singapore involving cryptocurrency. This judgment highlights the potential dangers of algorithmic trading and the difficulties with the application of the doctrine of mistake where a contract is formed without human involvement.
The Singapore International Commercial Court held that to determine the state of mind of a person in a case where acts of deterministic computer programs are in issue, the relevant state of mind is that of the programmer of the software or that program, at the time the relevant program was written.
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