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The Warminger trial: the parameters of permissible conduct

For your information, Russell McVeagh's summary of the decision available at the link below. This judgment was significant because it delineates the boundary between legitimate trading strategies and market manipulation. In particular, it confirms a trader's subjective purpose (as determined from contextual factors such as emails and phone calls) is relevant to a finding of manipulation.


8 March 2017
Russell McVeagh Financial Regulations Update


The Warminger trial: Determining the parameters of permissible conduct

On Friday, the Auckland High Court released its decision in the first defended market manipulation case decided in New Zealand. The Financial Markets Authority (FMA) alleged that former Milford Asset Management portfolio manager Mark Warminger manipulated the market through certain trades between January and September in 2014.

> View March 2017 Financial Regulation Update


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