Скачать презентацию Relevant Law Purpose of Regulation Market Скачать презентацию Relevant Law Purpose of Regulation Market

95f4c5190ce55f99aa830d5563ab312c.ppt

  • Количество слайдов: 78

Relevant Law: Relevant Law:

Purpose of Regulation Purpose of Regulation

Market Abuse: Market Abuse:

What is Manipulation? What is Manipulation?

Squeeze: Squeeze:

Other Types of Manipulation Other Types of Manipulation

Natural gas futures traders refer to the published indexes for price discovery and for Natural gas futures traders refer to the published indexes for price discovery and for assessing price risks. Dynegy acted in concert with its corespondent, West Coast Power, to ensure that the information it reported would be used by the reporting firms in calculating the index prices. West Coast reported that it was a counter party to Dynegy’s fictitious trades.

Trade Practice Violations Trade Practice Violations

To ensure market integrity and customer protection, trading is required to be conducted in To ensure market integrity and customer protection, trading is required to be conducted in an open and competitive manner. Except in very limited circumstances, collusion or pre-arrangement is not permitted between traders, and transactions are required to be executed through the competitive process.

In a pit environment that means orders are to be subject to open outcry; In a pit environment that means orders are to be subject to open outcry; i. e. , traders must bid and offer in the trading ring. In an electronic environment, orders must be executed in accordance with the trade matching algorithm accepted by the Commission in the contract designation process.

Bucketing can occur when a broker is dual trading. Bucketing is usually done indirectly Bucketing can occur when a broker is dual trading. Bucketing is usually done indirectly using an accommodating trader.

NO MONEY MOVEMENT Trader: A Account: 0001 Firm: X Trader: C Account: 0003 Firm: NO MONEY MOVEMENT Trader: A Account: 0001 Firm: X Trader: C Account: 0003 Firm: Z

TO MOVE MONEY Trader: A Account: 0001 Firm: X $20, 000 Trader: C Account: TO MOVE MONEY Trader: A Account: 0001 Firm: X $20, 000 Trader: C Account: 0003 Firm: Z