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Regulating Market Manipulation: An Approach to designing Regulatory Principles
Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Law, Department of Law.
2011 (English)Report (Other academic)
Abstract [en]

The purpose of this article is to present an approach to regulating market manipulation. Market manipulation is a form of market abuse; e g spreading false information on the market, entering both a buy and a sell order for the same security at the same price, or concealing ownership when disclosure is required by law. Market manipulation constitutes together with insider dealing what is regulated as prohibited market behavior. As the financial markets are of central importance to our economic system, finding apt regulation thereof is crucial. Market abuse is one of the greatest threats to the well-being of the financial markets. The question regarding market manipulation regulation is how to find a line between harmful trading and strategic trading. The US and EU market manipulation regimes will be described, compared and analysed from a market efficiency perspective. The article results in proposing three principles for approaching the design of market manipulation regulation, namely; 1) the regulation should secure the market functions and enabling the enhancing of investor confidence and market efficiency, 2) the prohibitions should be action-specific and not comprehensively sorted, and 3) the consumer perspective should not be the leading motive for legislation in this field.

Place, publisher, year, edition, pages
Uppsala: Juridiska fakulteten, Uppsala universitet , 2011. , p. 46
Series
Uppsala Faculty of Law Working Paper ; 2011:1
National Category
Law (excluding Law and Society)
Research subject
Civil Law
Identifiers
URN: urn:nbn:se:uu:diva-146488OAI: oai:DiVA.org:uu-146488DiVA, id: diva2:398256
Available from: 2011-02-17 Created: 2011-02-17 Last updated: 2012-07-21Bibliographically approved

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CiteExportLink to record
Permanent link

Direct link
Cite
Citation style
  • apa
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf