"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 (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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Documentation |
Market Abuse Regulation
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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Links |
Market manipulation prohibition under REMIT
Wash trades as a REMIT market manipulation practice