Printing trades

Definition

Printing involves communicating, by one of the above methods, that a trade has been executed at a specified price and/or size, when no such trade has taken place.

Context

If false prices and/or trading activity are advertised to the market, then there is a risk that trading decisions may be made based on misleading information. This could cause market participants financial harm, and would undermine the integrity of the market.

Firms should have appropriate oversight and systems and controls in place to ensure that the instructions which employees place on trading venues, or share via persistent chat systems and trades which they publicly report, do not give false or misleading impressions of the market. This includes the supply of, or the demand for, or the price or value of the instrument in question.

Surveillance

Effective implementation of surveillance alerts for flying prices requires capturing the following trade data:

  • trade data

  • communication data capturing all outgoing communications about executed trades

Risk taxonomy

Regulatory source

FCA Market Watch 57