Phishing (market manipulaton practice)
European Union Electricity Market Glossary


"Phishing" under the Market Abuse Regulation means executing orders to trade or a series of orders to trade, in order to uncover orders of other participants, and then entering an order to trade to take advantage of the information obtained. This behaviour is usually associated to high frequency trading, allowing to explore the differences between private and public data flows but, as all the others behaviours, can be used by other market participants (see Final Report ESMA's technical advice on possible delegated acts concerning the Market Abuse Regulation of 3 February 2015 (ESMA/2015/224), p. 81).


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Last Updated on Thursday, 04 February 2016 22:32


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