Prohibited Trading Activities

What this video covers

• The publication-of-transactions standard: why fictitious quotes, spoofing, layering, and self-trades all violate the bona fide quote requirement
• The fair-offers obligation and backing away: what happens when a market maker refuses to execute at its published bid or offer
• The Manning rule versus front running: how price priority for unfilled retail orders differs from information-barrier protection for block transactions
• The four documented exceptions to Manning violations: negative consent, information barriers, riskless principal, and intermarket sweep order
• Timestamp manipulation: why pre-dating an order ticket is a per se violation and the uneditable nature of time of receipt
• Cash dividend adjustments for open good-till-cancelled orders: which orders are adjusted down and why DNR and DNI markings matter
• OTC piggyback exceptions: the 4-business-day continuity rule and the 18-month sunset for shell companies
• Insider trading affirmative defenses: the mandatory 90-day cooling-off period and why a pre-adopted trading plan fails if MNPI existed at signing