Arrow Research Corporation Pty Ltd v Kabushiki Kaisha Tokyo Torihikisho (Tokyo Stock Exchange Inc.)

Arrow Research Corporation Pty Ltd (Arrow) sought to recover damages from Kabushiki Kaisha Tokyo Torihikisho (Tokyo Stock Exchange Inc.) (TSE) for alleged breaches of contract and misleading or deceptive conduct. The dispute arose from the TSE's decision to delist Arrow's shares from its exchange. Arrow contended that the delisting was wrongful and caused it significant financial loss. The matter came before the Supreme Court of Victoria.

The central legal issues before the Court were whether the TSE's decision to delist Arrow's shares constituted a breach of the listing agreement between the parties, and whether the TSE engaged in conduct that was misleading or deceptive in contravention of Australian consumer protection law. Arrow also sought to establish that the TSE owed it a duty of care and had breached that duty.

Justice Iain Campbell Thompson considered the terms of the listing agreement and the rules governing the TSE. The Court found that the TSE's decision to delist Arrow's shares was made in accordance with its own rules and the listing agreement, and therefore did not constitute a breach of contract. Furthermore, the Court determined that the TSE's actions did not amount to misleading or deceptive conduct under Australian law, as the TSE was acting within its regulatory and contractual powers. The claim for breach of duty of care was also dismissed.