Getting clarity on market manipulation
Warminger, who is a Milford Asset Management portfolio manager, is currently defending a case bought against him by the Financial Markets Authority (FMA)
The FMA alleges that Warminger carried out trading, between December 2013 and August 2014, which breached the Securities Markets Act 1988 and amounted to market manipulation.
His alleged misconduct involved cross-trading and making trades to set artificial prices.
Warminger’s trial might be New Zealand’s first for market manipulation, but it seems that the NZX is concerned about establishing clarity on what constitutes permissible trading conduct.
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