Whole Section

  • 3.11

    Rule 5.12.2(k): Whether the buy (or sell) order forms part of a series of orders that successively and consistently increase (or decrease) the price of the security or futures contract.

    Added on 3 June 20193 June 2019.

    • 3.11.1

      If a customer places a sell order well above the best ask and one or more buy orders which would increase the price towards the customer's ask price, a Trading Member or Trading Representative should query the customer as to the strategy. It may be that the buy orders are intended to get the price running and facilitate the sale at the higher price. Illiquid securities or futures contracts, in particular, are susceptible to this type of improper trading.

      Added on 3 June 20193 June 2019.