Market integrity

UMIR duties: best execution, abusive trading, front running, artificial prices, DEA controls, and gatekeeping — escalate suspicious flow immediately, do not wait for proof.

1. 7.1

   UMIR

   • Front running: proprietary order in the same series before a client market order.
   • Permitted only if the client is informed and consents.
   • Large prints in a thin contract that move settlement: escalate as potential manipulation.
   • DEA: pre-trade controls on order size and message rate before turning access on.

2. 7.2

   Gatekeeping

   • Unusual block just before surprise news: escalate to compliance so a Supervisor can act.
   • Director tipping a merger: refuse the trade and escalate.
   • Allegation of front-running: use the whistleblower channel and file an internal report — do not wait for proof or confront the PM yourself.