A Trading Member or a Trading Representative must not engage in, or knowingly act with any other person in, any act or practice that will or is likely to:—

(1) create a false or misleading appearance of active trading in any securities or futures contracts; or
(2) lead to a false market in respect of any securities or futures contracts. For avoidance of doubt, a false market includes a market in which:—
(a) information is false, exaggerated or tendentious;
(b) contrived factors are in evidence, such as buyers and sellers acting in collaboration to bring about artificial market prices; or
(c) manipulative or fictitious orders, transactions or other devices have been employed.

Refer to Practice Note 13.8.1.

Amended on 3 April 20083 April 2008 and 8 October 20188 October 2018.