(1) whether the proposed transaction will be inconsistent with the history of, or recent trading in, the security or futures contract;

(2) whether the proposed transaction will or may cause or contribute to a material change in the market for or the price of the security or futures contract, and whether the person involved or another person with whom the first person is collaborating may directly or indirectly benefit from alterations in the market or price;

(3) whether the proposed transaction involves the placing of multiple buy and sell orders at various prices higher or lower than the market price, or the placing of buy and sell orders which give the appearance of increased volume;

(4) whether the proposed transaction will coincide with or is likely to influence the calculation of reference prices, settlement prices and valuations;

(5) whether parties involved in the proposed transaction are connected;

(6) whether the buy and sell orders are to be entered at about the same time, for about the same price and quantity (excluding Direct Business);

(7) whether the proposed transaction will or may cause the price of the security or futures contract to increase or decrease, but following which the price is likely to immediately return to about its previous level;

(8) whether a proposed bid (offer) is higher (lower) than the previous bid (offer) but is to be removed from the market before it is executed;

(9) whether the volume or size of the proposed transaction is excessive relative to reasonable expectations of the depth and liquidity of the market at the time;

(10) whether the proposed buy (sell) order is likely to trade with the entire best offer (bid) volume and part of the offer (bid) at the next price level;

(11) whether the proposed buy (sell) order forms part of a series of orders that successively and consistently increase (decrease) the price of the security or futures contract; and

(12) whether there appears to be a legitimate commercial reason for the proposed transaction.