Market manipulation indicators, such as spoofing and layering, include specific signals like large orders systematically withdrawn before execution. These behaviours are detailed in Annex I of the MAR Regulation and Annex II of Delegated Regulation 2016/522. Automated surveillance systems are configured to detect these anomalies based on the nature of the client base and the financial instruments traded.

Automated surveillance systems constitute the first level of detection of market manipulation. They individually and comparatively analyse each order placed, modified, cancelled or rejected, as well as each executed transaction. These systems generate alerts based on predefined scenarios and must be configured according to the nature of the client base and the financial instruments traded.

The reporting of detected manipulations follows the channel for suspicious transaction and order reports (STOR). The reporting process begins with the factual escalation of the alert to the designated analysis team, which examines the elements against a body of evidence. If confirmed, the report is transmitted without delay to the AMF via the ROSA extranet or the Sesterce tool.

Communication channel monitoring aims to detect the dissemination of false information. It covers traditional media, press releases, social media and online stock market forums. The 2016 Vinci case illustrates the risk associated with these channels.

The detection of market manipulation relies on a framework combining technological tools and human expertise. Automated surveillance systems constitute the first level of detection, but threshold calibration and alert analysis require human expertise. Analysis teams examine the elements in the context of market conditions and client history.

In accordance with the MAR Regulation, the decision to report or close a suspicious transaction must be made independently, without hierarchical pressure. This requirement aims to ensure the integrity and objectivity of the reporting process. The analysis team examines the elements against a body of evidence before making this decision.

In accordance with regulatory requirements, all records relating to detected manipulations must be retained for five years. This retention applies to files that have led to a report or closure, with documentation of the reasons for the decision. This ensures traceability and compliance with the MAR Regulation.

Wash trading is a form of market manipulation consisting of transactions without apparent economic justification. This includes transactions where the same party is present on both sides or suspicious repetitions between a limited number of participants. These behaviours are monitored to detect anomalies in accordance with the requirements of the MAR Regulation.