Euro Pacific Bank

Market Conduct Rules

Market Conduct Information

Global financial regulatory bodies are increasingly focused on market conduct rules across the financial markets and products. Consequently new financial regulation comes into force on an ongoing basis, and most recently through the introduction of Market Abuse Regulation.

Full compliance with the rules and regulations is required by all customers. Below, you will find an overall description of the rules. You will also find a non-exhaustive list describing situations which you need to avoid as these constitute violations of market rules.

Market Conduct Rules

Regulation of the financial markets and market conduct rules are aimed at ensuring trust and integrity and thus promoting integrated, efficient and transparent markets. Specific rules set forth unacceptable market conduct by prohibiting the abuse of insider information and various forms of market manipulation. The exchanges/trading venues may have specific rules about market disruption so at the end of this document you will find links to the relevant sites. One example of such rules is that some exchanges have specific limits for the size of positions in various derivatives.

Market conduct rules and regulation applies to all individuals and all legal entities. Therefore all market participants are obliged to familiarise themselves with the relevant rules and regulations.

Trading activity is being monitored and any suspicious activity will be investigated by the relevant markets and authorities.

The following is a non-exhaustive list of examples of conduct that violate market conduct rules:

  • Taking advantage of price sensitive non-published information concerning a company in order to make a profit or avoid incurring losses by buying or selling stocks and/derivatives or to attempt to take advantage of the said information in any other way (insider trading).
  • Passing on insider information.
  • Disseminating false or misleading information on circumstances of substantial importance for the valuation of a security (e.g. a company’s earnings, orders or product pipeline or a general supply shortage).
  • Disseminating false or misleading information, rumors or messages that may influence the price of a security with the intent to exploit the resulting price movement.
  • Entering low-volume purchase orders with successively higher prices in order to
    Simulate an increased demand amid rising prices (painting the tape).
  • Simultaneously buying and selling the same securities for the account of one and the same beneficial owner in order to create false or misleading signals regarding the supply of, demand for, or market price of securities (wash trades).
  • To distort liquidity or prices by entering equal but opposite buy and sell orders in the same security by prior mutual agreement between a number of parties (matched orders or daisy chains coordinated among a number of parties).
  • Constricting the market by building up large positions (cornering) or depositing securities with third parties (parking) in order to distort securities prices (creating a squeeze).
  • Buying or selling securities shortly before the exchange closes with the intent to influence closing prices (marking the close).
  • Buying or selling securities in order to move prices (ramping) or keep them at a specific level (e.g. capping, pegging).
  • Influencing commodity prices in order to give out false or misleading signals regarding the supply of, or demand for, securities.
  • Placing orders but with no intention to execute (spoofing).
  • Similar to spoofing, market participants “layer” or “bait” other market participants to react and trade with bona fide order on the other side of the market without intention to trade (layering).
  • Attempting to push down the price of a stock by heavy selling or short selling (bear raiding).

For further information regarding market regulations and practices for various exchanges, please see below.

Market Conduct Rules by Exchange

Exchange name Symbol Rules and regulation
North America & Canada
NASDAQ NASDAQ & NSC Read more
New York Stock Exchange NYSE & ARCA Read more
NYSE MKT AMEX Read more
OTC Bulletin Board/Pink Sheets OOTC & OTCBB Read more
Toronto Stock Exchange TSE Read more
TSX Venture Exchange TSX Read more
Europe / Middle East / Africa
Athens Exchange AT Read more
BME Spanish Exchanges SIBE Read more
Deutsche Börse (XETRA) FSE Read more
Irish Stock Exchange ISE Read more
London Stock Exchange (IOB) LSE_INTL Read more
London Stock Exchange LSE_SETS Read more
Milan Stock Exchange MIL Read more
NASDAQ OMX Copenhagen CSE Read more
NASDAQ OMX Helsinki HSE Read more
NASDAQ OMX Stockholm SSE Read more
NYSE Euronext Amsterdam (AEX) AMS Read more
NYSE Euronext Brussels BRU Read more
NYSE Euronext Lisbon LISB Read more
NYSE Euronext Paris PAR Read more
Oslo Stock Exchange OSE Read more
Prague Stock Exchange PRA Read more
SIX Swiss Exchange SWX & VX Read more
Vienna Stock Exchange VIE Read more
Warsaw Stock Exchange WSE Read more
Johannesburg Stock Exchange JSE Read more
Asia / Pacific
Australian Securities Exchange ASX Read more
Hong Kong Exchanges HKEX Read more
Singapore Exchange SGX-ST Read more
Tokyo Stock Exchange TYO Read more
Futures Exchanges
Chicago Mercantile Exchange CME Read more
Chicago Board of Trade CBOT Read more
Chicago Board Options Exchange CBOE Read more
Commodity Exchange COMEX Read more
New York Mercantile Exchange NYMEX Read more
Euronext Equity and Index Derivatives AMS Read more
European Energy Exchange EEX Read more
Euronext Equity and Index Derivatives PAR Read more
Euronext Commodities Derivatives PAR Read more
Hong Kong Exchanges HKEX Read more
ICE Futures Europe ICE Read more
ICE Futures Europe-Financials ICE-LIF Read more
ICE Futures U.S. NYBOT Read more
ICE Futures Europe- Soft Commodities ICE-SOFT Read more
Borsa Italiana SpA IDEM Read more
Spanish Official Exchange MEFF Read more
Bourse de Montreal MON Read more
Osaka Exchange OSA Read more
Sydney Futures Exchange SFE Read more
Singapore Exchange SGX Read more
NASDAQ OMX Stockholm SSE Read more
EUREX Eurex Read more
Options Exchanges
Australian Securities Exchange ASX Read more
Euronext Equity and Index Derivatives AMS Read more
Euronext Equity and Index Derivatives PAR Read more
EUREX Eurex Read more
Hong Kong Exchanges HKEX Read more
ICE Futures Europe-Financials ICE-LIF Read more
Borsa Italiana SpA IDEM Read more
NYSE NYSE Read more
NYSE Arca ARCA Read more
BATS BATS Read more
Boston Options Exchange BOX Read more
Chicago Board Options Exchange CBOE Read more
C2 C2 Read more
International Securities Exchange ISE Read more
MIAX MIAX Read more
NASDAQ NASDAQ Read more
Euronext Commodities Derivatives PAR Read more
Hong Kong Exchanges HKEX Read more
ICE Futures Europe ICE Read more
ICE Futures Europe-Financials ICE-LIF Read more
ICE Futures U.S. NYBOT Read more
ICE Futures Europe- Soft Commodities ICE-SOFT Read more
Borsa Italiana SpA IDEM Read more
Spanish Official Exchange MEFF Read more
Bourse de Montreal MON Read more
Osaka Exchange OSA Read more
Singapore Exchange SGX Read more
Chicago Mercantile Exchange CME Read more
Chicago Board of Trade CBOT Read more
Commodity Exchange COMEX Read more
New York Mercantile Exchange NYMEX Read more
NASDAQ OMX Stockholm SSE Read more
Oslo Bors OSE Read more

OTC Markets (Forex and other Derivatives)

In case Global Trading Limited reasonably suspects that the client performed a Prohibited Action, Global Trading Limited, at any time and at its discretion, without giving any notice or explanation to the Client to restrict the clientís trading activity, to cancel orders, to decline or refuse to transmit or execute any order of the client and the client has no right to claim any damages, specific performance or compensation whatsoever from Global Trading Limited. Global Trading Limited may as well, at its absolute discretion, at any time and without prior written notice, cancel or reverse any profits gained through any Prohibited Actions.

Prohibited Actions

It is absolutely prohibited for the Client to take any of the following actions in relation to Global Trading Limitedís systems and/or Platform(s) and/or Client Account:

  1. Use, without the prior and written consent of Global Trading Limited, of any software, which applies artificial intelligence analysis to Global Trading Limitedís systems and/or Platform(s) and/or Client Account.
  2. Intercept, monitor, damage or modify any communication which is not intended for him.
  3. Use any type of spider, virus, worm, Trojan-horse, time bomb or any other codes or instructions that are designed to distort, delete, damage or disassemble the Platform(s) or the communication system or any system of Global Trading Limited.
  4. Send any unsolicited commercial communication not permitted under applicable law or Applicable Regulations.
  5. Do anything that will or may violate the integrity of Global Trading Limited computer system or Platform(s) or cause such system(s) to malfunction or stop their operation.
  6. Unlawfully access or attempt to gain access, reverse engineer or otherwise circumvent any security measures that Global Trading Limited has applied to the Platform(s).
  7. any action that could potentially allow the irregular or unauthorized access or use of The Platform(s).
  8. send massive requests on the server which may cause delays in the execution time.
  9. Global Trading Limited reasonably suspects that the Client performed a prohibited action
  10. Global Trading Limited reasonably suspects that the Client performed Abusive Trading. Abusive Trading shall include any of the following actions such as, but not limited to, Snipping, Scalping, Pip-hunting, Hedging, placing ìbuy stopî or ìsell stopî Orders prior to the release of financial data, arbitrage, manipulations, a combination of faster/slower feeds, abuse of the cancelation of trades feature available on the Platform or use (without the prior and written consent of Global Trading Limited) of any software, which applies artificial intelligence analysis to Global Trading Limitedís systems and/or platform(s) and/or client account.
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