Engaging in Conduct That Influences or Intimidates Other Market Participants

What this video covers

• How the anti-intimidation rule protects competition between market makers through its prohibition side and preservation side
• The three prohibited actions: coordinating prices, trades, or trade reports; directing or requesting a price change; and threatening, harassing, coercing, or otherwise improperly influencing another person
• Why coordination and improper influence can involve any other person, while directing or requesting a price change applies specifically to another member
• Why a request equals a direction, and why pressure to maintain a quotation is treated like pressure to adjust it
• Why a quotation displayed away from a Financial Industry Regulatory Authority (FINRA) facility is still covered by the rule
• The seven preserved freedoms, including setting a firm's own quotation, spread, increment, market maker relationships, underwriting, and order routing
• Why unilateral action can be protected while coordinated pricing is prohibited, and how retaliation or a refusal to trade can defeat the market maker choice freedom