Lastly, unlike in the real markets, in HSX it takes relatively little trading activity to shift prices. A dozen limit orders can go off at the same time and cause prices to shift very suddenly. The fundamental issue we have with manipulation, and which is the basis for prosecution in the real securities markets, is that it is a kind of fraud. People are knowingly engaging in wrongful activity or behavior that is intended to change the price of a security for their personal gain, and often to the detriment of other traders. However, whether an activity is legitimate or fraudulent is often difficult to say, and this uncertainty is a reflection of the different definitions mentioned above.
Some activities are obviously manipulative.
Another solid example of blatant manipulation is the dissemination of false, misleading or baseless information, such as through posting a false news story that an upcoming film is about to enter production, in the hope that enough sheep are reading TT at that time to cause some short term movement in the stock price. Other activities, however, are not so clear. This, to me, is on the borderline and really depends on the intent of the poster. Again, unless you are knowingly doing something wrongful to influence the market for your own gain, then there isn t much of a case for manipulation. Clearly, the idea with these columns is to affect the market describing something as overpriced or underpriced is basically a suggestion that traders buy or short accordingly.