Regulatory Wrap Episode 18: Market Watch 76 – Decoding Market Dynamics and the FCA’s Evolution

In Regulatory Wrap for the week to February 9, 2024, we share insight into the FCA's recently published Market Watch 76 report, and how concerns around potential market abuse and 'flying and printing' that were first raised back in 2015 are still causing regulatory rumblings today.

27 February 2024 2 mins read
by Jay Hampshire

In Regulatory Wrap for the week to February 9, 2024:

In this Regulatory Wrap, we share insight into the FCA’s recently published Market Watch 76 report, and how concerns around potential market abuse and ‘flying and printing’ that were first raised back in 2015 are still causing regulatory rumblings today.

Highlights:

1. Back in 2015, the Financial Conduct Authority published Market Watch 48, raising concerns about incorrect trading volume data in equity markets

2. In 2018, the FCA doubled down on this messaging in Market Watch 57, highlighting the potential of ‘flying’ and ‘printing’ practices leading to “unacceptable” market conduct

3. The regulator asked firms about the degree to which they could review trading platform and persistent chat systems data to identify instances of printing and flying

4. Recently published Market Watch 76 takes on the same topic, as despite previous warnings, printing and flying incidents persist across multiple markets

5. The FCA wants to see firms taking “all steps” to ensure compliance when it comes to printing and flying – and “will not hesitate to intervene” where needed

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