Related provisions for APER 4.1.12
1 - 4 of 4 items.
In the opinion of the
FCA
the following factors are to be taken into account when considering whether behaviour is for "legitimate reasons", and are indications that it is not:(1) if the person has an actuating purpose behind the transaction to induce others to trade in, bid for5 or to position or move the price of, a qualifying investment;(2) if the person has another, illegitimate, reason behind the transactions, bid5 or order to trade; [Note: Recital
In the opinion of the
FCA
the following factors are to be taken into account when considering whether behaviour is for "legitimate reasons", and are indications that it is:(1) if the transaction is pursuant to a prior legal or regulatory obligation owed to a third party;(2) if the transaction is executed in a way which takes into account the need for the market or auction platform5 as a whole to operate fairly and efficiently;(3) the extent to which the
It is unlikely that the
behaviour
of market or auction platform5 users when dealing5 at times and in sizes most beneficial to them (whether for the purpose of long term investment objectives, risk management or short term speculation) and seeking the maximum profit from their dealings will of itself amount to distortion. Such
behaviour, generally speaking, improves the liquidity and efficiency of markets or auction platforms.55
It is unlikely that prices in the market which are trading outside their normal range will necessarily be indicative that someone has engaged in behaviour with the purpose of positioning prices at a distorted level. High or low prices relative to a trading range can be the result of the proper interplay of supply and demand.
In the opinion of the
FCA
, the following factors are to be taken into account in determining whether or not a person's behaviour amounts to market abuse (manipulating transactions): (1) the extent to which the person had a direct or indirect interest in the price or value of the qualifying investment or related investment;(2) the extent to which price, rate or option volatility movements, and the volatility of these factors for the investment in question,
The following are examples of behaviour that may amount to market abuse (manipulating transactions):(1) a trader simultaneously buys and sells the same qualifying investment (that is, trades with himself) to give the appearance of a legitimate transfer of title or risk (or both) at a price outside the normal trading range for the qualifying investment . The price of the qualifying investment is relevant to the calculation of the settlement value of an option. He does this while
A benchmark administrator must:(1) have effective arrangements and procedures that allow the regular monitoring and surveillance of benchmark submissions:(2) monitor the benchmark submissions in order to identify breaches of its practice standards (set out in MAR 8.3.10R (1)) and conduct that may involve manipulation, or attempted manipulation, of the specified benchmark it administers and provide to the oversight committee of the specified benchmark timely updates of suspected
The arrangements and procedures referred to in MAR 8.3.6R (1) should include (but not be limited to):(1) carrying out statistical analysis of benchmark submissions, using other relevant market data in order to identify irregularities in benchmark submissions; and(2) an effective whistle-blowing procedure which allows any person on an anonymous basis to alert the benchmark administrator of conduct that may involve manipulation, or attempted manipulation, of the specified benchmark
A benchmark submitter who suspects that any person(1) is manipulating, or has manipulated, a specified benchmark;(2) is attempting, or has attempted, to manipulate a specified benchmark; or(3) is colluding, or has colluded, in the manipulation or attempted manipulation of a specified benchmark;must notify the FCA without delay.