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As a commodity, oil derivatives are largely traded on the Chicago Mercantile Exchange. During the ETF boom in the mid-2000s, trading venues like the NASDAQ and New York Stock Exchange listed funds that let a broader array of investors gain exposure to oil prices through exchange traded-funds. But all three venues are closed for the weekends and difficult for retail traders outside the U.S. to access.
These implicit moral principles can range across the boundaries of different torts. And it is because the common law’s relational formal structure — constituted by its motley assemblage of pigeonhole torts — does not clearly articulate these underlying moral principles that the common law must sometimes deform its formal structure through devices like legal fictions, such as the one we will now examine. To take the common law’s formal architecture at moral face value, as the Palsgraf perspective urges, is thus to misconstrue the nature of the commonsense moral principles that it houses.