This Chapter covers the EU regime which governs the prohibition of market abuse. In common with regulatory regimes internationally, the regime has expanded beyond an original prohibition on insider dealing to include prohibitions on a range of different market abuses, well illustrated by the crisis-era extension of the regime to include abuses related to high frequency trading and the abuse of benchmarks. It deploys an array of regulatory mechanisms, including prohibitions and disclosure-related techniques. The 2003 Market Abuse Directive (the 2003 MAD),1 which...
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