9.2 Market conduct 1 The participant and its traders must comply with applicable market codes of conduct, in particular those laid down in the FINMA Circular "Market Behaviour Rules" (FINMA-Circ. 08/38), uphold the integrity of the market at all times and refrain from unfair trading practices. There must be an economic justification for securities transactions, and they must reflect a genuine relationship between supply and demand. 2 In particular, the following trading practices are forbidden:
- concluding securities transactions and entering orders to give the impression of market activity or liquidity, or to distort market prices or the valuation of securities, as well as fictitious trades and orders;
- concluding securities transactions at prices that differ substantially from those set on the Exchange, where this compromises the integrity of the market;
- entering agreed buy and sell orders in the order book where the time elapsed between the entry of the order and the subsequent counter-order is not at least 15 seconds; and
- entering buy and sell orders in a single security for the same beneficial owner. The ban shall not cover simultaneous buy and sell orders for the participant's own account if the participant can prove that individual orders were entered independently of each other and without any form of agreement in the exchange system. The participant shall ensure the necessary precautions to prevent impermissible cross-transactions.
3 Trades that are attributable to improper market conduct shall be cancelled by the Exchange or by the participant on the instruction of the Exchange. In the event of a trade which is off-order-book, such trades shall be rejected by the Exchange. Regardless of cancellation or rejection, sanctions of the Exchange remain reserved.
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