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Annex 1A of the Market Abuse Regulation. The 6 following factors are to be taken into account when considering whether behaviour 6 is for legitimate reasons in relation to article 12 1 a of the Market Abuse Regulation 6 , and are indications that it is not:.

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The 6 following factors are to be taken into account when considering whether behaviour 6 is for legitimate reasons in relation to article 12 1 a of the Market Abuse Regulation 6 , and are indications that it is:. It is unlikely that the behaviour 6 of trading venue 6 users when dealing 5 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 manipulation 6.

Such behaviour 6 , generally speaking, improves the liquidity and efficiency of trading venues 6. 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.

Annex 1A of the Market Abuse Regulation ]. The 6 following factors are to be taken into account in determining whether or not a person's behaviour 6 amounts to manipulating transactions as described in article 12 1 a ii of the Market Abuse Regulation: The more widespread the risk of multilateral settlement default, the more likely that an abusive squeeze has been effected;.

The greater the divergence beyond that to be reasonably expected, the more likely that an abusive squeeze has been effected; and. Squeezes occur relatively frequently when the proper interaction of supply and demand leads to market tightness, but this is not of itself likely to be 6 abusive.

In addition, having a significant influence over the supply of, or demand for, or delivery mechanisms for an investment, for example, through ownership, borrowing or reserving the investment in question, is not of itself likely to be 6 abusive. The effects of an abusive squeeze are likely to be influenced by the extent to which other market users have failed to protect their own interests or fulfil their obligations in a manner consistent with the standards of behaviour to be expected of them in that market.

Market users can be expected to settle their obligations and not to put themselves in a position where, to do so, they have to rely on holders of long positions lending when they may not be inclined to do so and may be under no obligation to do so. The following are examples of behaviour that may amount to manipulating transactions as described in article 12 1 a ii of the Market Abuse Regulation The question of whether the financial instrument 6 will fall out of the index depends on the closing price of the financial instrument 6.

He places a large sell order in this financial instrument 6 just before the close of trading. His purpose is to position the price of the financial instrument 6 at a false, misleading, abnormal or artificial level so that the financial instrument 6 will drop out of the index so as to make a profit; and.

He places a large order to buy relatively illiquid shares , which are also components of his portfolio, to be executed at or just before the close. His purpose is to position the price of the shares at a false, misleading, abnormal or artificial level. A trader with a long position in bond futures buys or borrows a large amount of the cheapest to deliver bonds and either refuses to re-lend these bonds or will only lend them to parties he believes will not re-lend to the market.

His purpose is to position the price at which those with short positions have to deliver to satisfy their obligations at a materially higher level, making him a profit from his original position. FCA Website PRA Rulebook Glossary Useful Links Contact Us. Home FCA Handbook What's New Instruments Forms Guides Join Up MyFCA.

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Home FCA Handbook MAR MAR 1 MAR 1. Table of Contents Content Instruments. Latest Browse by topics. Content Options G Guidance. UK UK Legislative material. EU EU Legislative material. Add to favourites Print. View Options View Full Screen. View MAR 1 as PDF. View MAR as PDF. External link Handbook Publications.

External link Consultation papers, Discussion papers, Policy statements. The 6 following factors are to be taken into account when considering whether behaviour 6 is for legitimate reasons in relation to article 12 1 a of the Market Abuse Regulation 6 , and are indications that it is not: The 6 following factors are to be taken into account when considering whether behaviour 6 is for legitimate reasons in relation to article 12 1 a of the Market Abuse Regulation 6 , and are indications that it is: The more widespread the risk of multilateral settlement default, the more likely that an abusive squeeze has been effected; 3 the extent to which prices under the delivery mechanisms of the market diverge from the prices for delivery of the investment or its equivalent outside those mechanisms.

The greater the divergence beyond that to be reasonably expected, the more likely that an abusive squeeze has been effected; and 4 the extent to which the spot or immediate market compared to the forward market is unusually expensive or inexpensive or the extent to which borrowing rates are unusually expensive or inexpensive. The following are examples of behaviour that may amount to manipulating transactions as described in article 12 1 a ii of the Market Abuse Regulation 6: His purpose is to position the price of the financial instrument 6 at a false, misleading, abnormal or artificial level so that the financial instrument 6 will drop out of the index so as to make a profit; and 4 a fund manager's quarterly performance will improve if the valuation of his portfolio at the end of the quarter in question is higher rather than lower.

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