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Massachusetts Law Review

Introduction
This article explores the difficulties modern, speculative trading practices pose to the existing legal framework for adjudicating federal securities fraud claims. The existing framework is based on the fraud-on-the-market theory the Supreme Court adopted 13 years ago in
Basic Inc. v. Levinson.
By Joseph M. Makalusky
I. Introduction
Our world grows smaller with each passing day. More than just a simplistic truism, this reality has profound effects upon the nature and scope of litigation conducted in Massachusetts and elsewhere. In fact, as the web woven around the world by the Internet draws consumers and businesses closer together, residents of Massachusetts transact with international entities on a daily basis. Beyond that, foreign countries have been actively encouraged to create business relationships within our boundaries in an effort to strengthen and diversify our economy.