How To Determine Market Manipulation In UK-Based On Empirical Research

It is difficult to identify and proof the securities market manipulation in the regulatory and judicial experiences,which shows in two different ways.On the one hand,it is manifested in the identification and proving of the elements of the traditional market manipulation.On the other hand,New kinds of market manipulation emerging and beyond the traditional market manipulation legislation's reach.For example,in 2008 several banks in concert to manipulate LIBOR,which is a new kind of market manipulation and can not be regulated in the traditional way.The United Kingdom has established an advanced legal system of anti-securities market manipulation,and accumulated rich experiences in supervision and judicial practices,apart from that it has formed more comprehensive regulatory methods to regulate the new market manipulation.The central theme of this paper is to analyzes how to determine the market manipulation from the perspective of administrative and judicial practices in United kingdom.In addition to the introduction and conclusion,the article body contains three parts,including:The first part: the basic situation of cases,this chapter exams all the market manipulation cases from 2002 to March 5,2017,and analyzes figures about the regulatory cases and the judicial cases in different ways.The second part: the securities market manipulation behavior,this chapter is divided into two parts,the first part review the different forms of market manipulation from 2002 to March 5,2017.the second part analyzes how to determine and prove the different types of securities market manipulation,which including transaction manipulation,devices manipulation,dissemination manipulation,misleading and distort manipulation.The third part: standard of proof and the causal link.The chapter is divided into two parts.The first part basic theory of causal link applied in UK.The second part mainly discusses the causal relationship between the manipulation behavior and the manipulation results.Firstly,it analyzes the causal relationship theory that should be applied in the securities market manipulation cases.Secondly,it analyzes how to apply the causal relationship.Part ?: Penalty exemption,which mainly deals with the application of the penalty exemption clause in market manipulation cases.The exemption clause does not derogate from the illegality of the manipulation itself,but protects the perpetrator from the penalty.