Target groups

• Professionals with a market access, control and support function, including brokers, traders, originators, dispatchers, shift traders, compliance or surveillance experts, and trading operations experts, as well as plant managers, asset managers and system operators.

Learning objectives

• Being able to distinguish categories of market manipulation
• Understand the criteria of relevance for each specific manipulative scheme
• Understand the implications of market manipulation
• Being aware of the relevance of details
• Being aware of things that absolutely must be avoided

Tutor

• Jerry de Leeuw, MSc. (founder of Entrima, former trader and author of the books “MAR”, “REMIT” and “Monitoring & surveillance”)

Including

• Study materials (handout + book)
• Lunch

Programme

• Categories
  • Transaction-related schemes
  • Order-related schemes
  • Information-related schemes
  • Withholding capacity
• Specific schemes explained, including:
  • Wash trades
  • Spoofing & layering
  • Marking
  • Cross-market manipulation
  • Pump & dump, trash & cash
  • Physical & economical withholding
  • Dissemination of false or misleading information
• Intent & impact
  • Price formation
• Algorithmic trading
  • Specific schemes
  • Governance
• Fair & orderly trading
  • Behaviours at trading venues & in the OTC markets
  • Exchange rulebooks
• Prevention & Detection
  • Arrangements, procedures, people & systems
  • Indicators to detect suspicious activity
  • Alert handling & case management
  • Why circumstances matter
    • Activity that could be legal as well as illegal, depending on the situation:
      • Wash trade
      • Choice market
      • Timing
      • Placing & cancelling orders (repetition)