This article examines the essence of market manipulation in relation to listed securities, and the crucial role of intent in distinguishing legitimate from manipulative trades. The market manipulation standard, as encapsulated in the CFA Institute Code of Ethics and Standards of Professional Conduct, forms the backdrop. This article also draws from the experience of the judiciary in elucidating the role of intent. Lastly, it highlights the challenges and proffers solutions in establishing the elusive intent of any trader in the age of big data.
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