Pre-event spike
Did the price move sharply before the information that would explain it became public?
In plain English
The price moved sharply and we found no obvious public reason in the window we checked. Someone may have acted before information became public; a manual news check is required.
What the record supports
- Price moves beyond the market's own recent volatility.
- Who was positioned ahead of the move, and how far ahead.
- The window between the move and the market resolving.
Why this indicator is qualified
- Whether there was public news at that moment. Cross-checking price moves against the news is currently a manual review step, not an automated one, which is why this indicator is partly observable and every flag asks for that check by name.
- What any participant knew.
Obligation
Why it matters.
Acting on information before it is public is the clearest form of market abuse, and a platform whose prices move first is the platform where it shows. The detection narrows a period of trading to a moment worth a human looking at. It cannot do the looking.
We describe what was detected and which duty it engages. Whether any obligation has been breached is a judgement for the operator's compliance and legal function, not for an instrument.
See the rest of the set.
Twelve indicators across three obligation families, each with its coverage stated as plainly as its capability.