# How Does the Eu's Market Abuse Regulation Change Surveillance Scope? ▴ Question

**Published:** 2025-08-01
**Categories:** Question

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## Concept

Your question about the European Union’s [Market Abuse Regulation](https://prime.greeks.live/area/market-abuse-regulation/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (MAR) correctly targets the central challenge firms now face. The regulation represents a fundamental redesign of the market integrity framework, moving the entire system from a principles-based directive to a prescriptive, directly applicable regulation. The core architectural shift is one of scope and granularity.

MAR compels a surveillance apparatus to look beyond executed trades and consider the full lifecycle of market activity, including orders that are never filled and communications that precede any transaction. It expands the definition of the market itself, extending its jurisdictional and instrumental reach, thereby forcing a complete recalibration of what it means to monitor for abusive behavior.

The previous framework, the [Market Abuse](https://prime.greeks.live/area/market-abuse/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) Directive (MAD), allowed for national interpretation, creating a fragmented landscape of compliance obligations. MAR unified this, establishing a single rulebook across the EU. This harmonization compels market participants to adopt a surveillance posture that is both broader and deeper.

The regulation extends its oversight to new financial instruments, new trading venues like Multilateral Trading Facilities (MTFs) and Organised Trading Facilities (OTFs), and even certain over-the-counter (OTC) activities. This expansion means that surveillance systems, once potentially focused on a specific set of lit markets, must now ingest and analyze data from a much wider and more complex ecosystem.

> The EU’s Market Abuse Regulation fundamentally shifted surveillance from a reactive, trade-focused process to a proactive, intent-based system covering a wider range of assets and communication channels.

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## How Did MAR Redefine the Surveillance Perimeter?

The most significant change is the explicit criminalization of [attempted market manipulation](https://prime.greeks.live/area/attempted-market-manipulation/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) and attempted insider dealing. This provision fundamentally alters the objective of surveillance. A system operating under MAD was primarily concerned with identifying completed misconduct. A MAR-compliant system must be engineered to detect the preparatory stages of such actions.

It requires the capacity to analyze patterns of behavior, such as the placement and cancellation of orders (spoofing or layering) that may be intended to create a false impression in the market, even if no trade is ultimately executed. This demands a surveillance architecture capable of interpreting intent from data, a far more complex undertaking than simply flagging anomalous trade outcomes.

Furthermore, the regulation’s reach is extra-territorial. Any entity, regardless of its location, that trades a financial instrument admitted to an EU trading venue falls within MAR’s scope. A trading firm in North America or Asia executing a derivative listed on a European [MTF](https://prime.greeks.live/area/mtf/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is subject to the same surveillance and reporting obligations as a local member. This globalization of compliance responsibility necessitates that firms implement a single, global standard of surveillance capable of meeting the EU’s stringent requirements, effectively making MAR the high-water mark for international compliance programs.

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## Strategy

Adapting to MAR requires a strategic re-architecture of a firm’s compliance function, moving it from a cost center focused on historical review to an integrated, data-driven intelligence unit. The core strategic challenge is the management of a vastly expanded data universe and the analytical capabilities needed to extract meaningful signals of potential misconduct from it. The regulation compels firms to adopt a holistic surveillance strategy that integrates disparate data sources to build a complete contextual picture of a trader’s activity.

This means breaking down the silos that traditionally separated trade surveillance from communications monitoring. Under MAR, a suspicious trading pattern can only be properly investigated when correlated with the electronic and voice communications that occurred around the same time. This requirement to connect unstructured communications data (emails, chat, voice calls) with structured transaction data (orders, executions) is the primary strategic hurdle. Firms must deploy systems capable of capturing, storing, and analyzing every relevant communication, including those from mobile devices, across the front, middle, and back offices.

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## A Unified Surveillance Operating System

The effective strategy is to build what can be thought of as a [unified surveillance operating system](https://prime.greeks.live/question/how-can-a-firm-quantify-the-roi-of-a-new-trade-surveillance-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). This system must ingest all relevant data streams and process them through a centralized analytical engine. The goal is to create a single source of truth for each trader’s behavior, allowing compliance analysts to reconstruct the full sequence of events leading up to a suspicious order or trade. This approach provides the context necessary to distinguish between legitimate trading strategies and potential market abuse.

> A successful MAR strategy hinges on integrating communication and trade data into a single analytical framework to proactively detect suspicious behavior patterns.

The table below outlines the strategic data integration required to meet MAR’s expanded scope, moving beyond the limitations of legacy, siloed systems.

### Table 1 ▴ Strategic Data Integration Framework Under MAR

| Data Domain | Legacy Approach (Pre-MAR) | MAR-Compliant Strategic Approach | Core Surveillance Benefit |
| --- | --- | --- | --- |
| Trade and Order Data | Focus on executed trades on primary exchanges. | Ingestion of all orders, modifications, and cancellations from all venues (Exchanges, MTFs, OTFs). | Detection of attempted manipulation (e.g. layering, spoofing). |
| Communications Data | Limited, often manual, review of emails on specific desks. | Comprehensive, automated capture and analysis of all electronic and voice communications (including mobile) across the firm. | Contextualizes trading activity and helps identify unlawful disclosure of inside information. |
| Instrument Reference Data | Coverage of equities and listed derivatives. | Expanded coverage to include commodity derivatives, emission allowances, and any instrument traded on an EU venue. | Ensures complete surveillance coverage across all in-scope asset classes. |
| Human Resources Data | Static insider lists, updated periodically. | Dynamic insider lists with precise timestamps for when individuals gain access to inside information, integrated with trade surveillance. | Automates the process of flagging trades by individuals on insider lists. |

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## What Are the New Offenses to Monitor?

A key part of the strategy involves building surveillance models specifically designed to detect the new categories of abuse defined by MAR. The explicit prohibition on the manipulation of benchmarks, for instance, requires a dedicated set of analytical tools. Surveillance systems must be able to monitor trading activity around benchmark fixing times and correlate it with communications between benchmark submitters to identify potential collusion. This requires a sophisticated understanding of how each benchmark is constructed and the specific behaviors that could improperly influence it.

- **Attempted Insider Dealing** This requires systems to flag trades that are cancelled or modified shortly after access to [insider lists](https://prime.greeks.live/area/insider-lists/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is updated, or to correlate aborted trades with communication patterns indicative of receiving non-public information. 

- **[Benchmark Manipulation](https://prime.greeks.live/area/benchmark-manipulation/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite)** Surveillance must analyze trading in the underlying instruments that contribute to a benchmark, looking for anomalous price movements or concentrated activity by a small number of participants around the fixing window. 

- **Unlawful Disclosure** This involves using natural language processing (NLP) and other analytical techniques to scan communications for the unauthorized sharing of [inside information](https://prime.greeks.live/area/inside-information/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), even if no trading occurs as a result. 

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## Execution

The execution of a MAR-compliant surveillance framework is a complex engineering challenge. It requires the implementation of specific technologies, workflows, and governance structures designed to meet the regulation’s prescriptive requirements. At the heart of this execution is the calibration of the surveillance system’s [detection logic](https://prime.greeks.live/question/how-can-unsupervised-anomaly-detection-models-be-validated-in-the-context-of-financial-trading-data/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) to identify the nuanced behaviors that constitute market abuse under the new regime. This moves beyond simple, threshold-based alerting to a more sophisticated, scenario-based approach.

Firms must design and deploy a series of detection scenarios that are specifically tailored to the abuse typologies outlined in MAR. For example, a “spoofing” scenario would not simply flag a high number of cancelled orders. A properly executed MAR scenario would analyze the full order lifecycle, identifying patterns where large, non-bona fide orders are placed to influence the market price, followed by smaller, bona fide orders on the opposite side of the market to profit from the price movement, and the subsequent cancellation of the large orders. This requires cross-venue analysis and the ability to link orders from the same trader across different markets.

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## The Operational Playbook for Implementation

A structured implementation plan is essential for ensuring all aspects of the regulation are addressed. This plan functions as an operational checklist for building and maintaining a compliant surveillance architecture.

- **Comprehensive Scoping Exercise** The first step is to map every financial instrument the firm trades to the venues on which it is traded. This exercise identifies the full scope of activity subject to MAR and forms the foundation of the surveillance program. 

- **Data Source Onboarding** The firm must then identify and establish capture mechanisms for all required data sources. This includes order data from all trading systems, communications from all platforms (email, chat, voice), and HR data for insider list management. 

- **Surveillance Scenario Deployment** The core of the execution phase is the deployment of a robust library of detection scenarios. These scenarios must be tested and calibrated to the firm’s specific business model to minimize false positives while ensuring high detection rates. 

- **Workflow for Suspicious Transaction and Order Reports (STORs)** A clear, documented workflow for investigating alerts, escalating potential issues, and filing STORs with the relevant national competent authority is a mandatory requirement. This workflow must create a complete audit trail of every decision made during an investigation. 

- **Governance and Training** The final step is to establish a governance framework for the ongoing management of the surveillance program. This includes regular model validation, policy updates, and training for all relevant personnel, from traders to compliance analysts, on their obligations under MAR. 

> Executing a MAR-compliant strategy means deploying sophisticated, scenario-based detection logic and embedding it within a rigorous, auditable investigation workflow.

The following table illustrates the evolution of surveillance logic from the MAD era to the more sophisticated requirements of MAR, demonstrating the increased analytical depth required for execution.

### Table 2 ▴ Evolution of Surveillance Detection Logic

| Abuse Typology | MAD-Era Detection Logic (Illustrative) | MAR-Era Detection Logic (Execution-Focused) | Key Technological Enabler |
| --- | --- | --- | --- |
| Insider Dealing | Flagging trades executed by individuals on a static insider list. | Correlating trades with dynamic, time-stamped access to inside information and analyzing communication content for related keywords preceding the trade. | Integration of HR systems and communications surveillance with NLP. |
| Market Manipulation (Spoofing) | Alerting on high cancellation-to-trade ratios for a specific trader. | Identifying patterns of layered, non-bona fide orders on one side of the order book that are cancelled after a smaller execution on the other side, often across multiple trading venues. | Cross-venue order book reconstruction and pattern recognition algorithms. |
| Benchmark Manipulation | General monitoring for unusual price activity around fixing times. | Targeted analysis of trading and communications by benchmark submitters, identifying collusive behavior or trades designed to artificially move the benchmark price. | Behavioral analytics and communication network analysis. |
| Unlawful Disclosure | Primarily reactive, based on investigations after a leak. | Proactive scanning of electronic communications for the presence of inside information being shared with unauthorized individuals, using lexicon-based and NLP models. | Advanced communications surveillance with information barrier monitoring. |

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## References

- Cottee, Paul. “Market Abuse Regulation (MAR).” NICE Actimize, 22 Jan. 2024.

- London Stock Exchange Group. “Market Abuse Regulation (MAR).” LSEG, 2024.

- Futures Industry Association. “Surveillance and Market Practices.” FIA.org, Sep. 2020.

- ComplyLog. “Ultimate Guide to EU’s Market Abuse Regulation.” ComplyLog Blog, 5 Jul. 2024.

- Slaughter and May. “The New EU Market Abuse Regulation ▴ An overview for UK issuers.” May 2016.

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## Reflection

The implementation of the Market [Abuse Regulation](https://prime.greeks.live/question/how-can-unsupervised-learning-models-detect-novel-forms-of-market-abuse/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) was a structural shock to the compliance ecosystem. Viewing it as a mere extension of previous rules misses the fundamental architectural change it imposes. The regulation forces a re-evaluation of how a firm perceives and manages information risk. The systems and protocols you build in response are not just compliance tools; they are integral components of your firm’s central nervous system.

How you choose to integrate data, analyze behavior, and manage the flow of information defines your operational integrity. The ultimate question MAR poses is how your firm’s architecture can transform regulatory obligation into a source of institutional strength and market confidence.

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## Glossary

<a href="https://prime.greeks.live/area/market-abuse-regulation/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Market Abuse Regulation

Meaning ▴ The Market Abuse Regulation (MAR) is a European Union legislative framework designed to establish a common regulatory approach to prevent market abuse across financial markets. </a><a href="https://prime.greeks.live/area/market-abuse/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Market Abuse

Meaning ▴ Market abuse denotes a spectrum of behaviors that distort the fair and orderly operation of financial markets, compromising the integrity of price formation and the equitable access to information for all participants. </a><a href="https://prime.greeks.live/area/attempted-market-manipulation/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Attempted Market Manipulation

Meaning ▴ Attempted Market Manipulation refers to the deliberate action or series of actions undertaken with the intent to artificially influence the price, volume, or perceived supply and demand of a digital asset or derivative, irrespective of whether the intended market impact is fully achieved. </a><a href="https://prime.greeks.live/area/mtf/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Mtf

Meaning ▴ A Multilateral Trading Facility, or MTF, constitutes a regulated system that facilitates the interaction of multiple third-party buying and selling interests in financial instruments, operating under a set of non-discretionary rules. </a><a href="https://prime.greeks.live/question/how-can-a-firm-quantify-the-roi-of-a-new-trade-surveillance-system/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Unified Surveillance Operating System

A firm quantifies the ROI of a new trade surveillance system by modeling averted fines and operational efficiencies against total cost of ownership. </a><a href="https://prime.greeks.live/area/insider-lists/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Insider Lists

Meaning ▴ Insider Lists represent a structured record of individuals who possess material non-public information (MNPI) pertaining to specific financial instruments or events, particularly relevant within the institutional digital asset derivatives landscape. </a><a href="https://prime.greeks.live/area/benchmark-manipulation/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Benchmark Manipulation

Meaning ▴ Benchmark manipulation refers to the deliberate and illicit attempt to influence the calculation or reporting of a financial reference rate, such as an interest rate, commodity price, or digital asset index, to gain an unfair financial advantage. </a><a href="https://prime.greeks.live/area/inside-information/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Inside Information

Meaning ▴ Inside information constitutes material, non-public data concerning an entity or market, which, if made publicly available, would demonstrably influence the valuation or trading activity of associated financial instruments. </a><a href="https://prime.greeks.live/question/how-can-unsupervised-anomaly-detection-models-be-validated-in-the-context-of-financial-trading-data/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Detection Logic

Validating unsupervised models involves a multi-faceted audit of their logic, stability, and alignment with risk objectives. </a><a href="https://prime.greeks.live/question/how-can-unsupervised-learning-models-detect-novel-forms-of-market-abuse/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Abuse Regulation

Unsupervised learning re-architects surveillance from a static library of known abuses to a dynamic immune system that detects novel threats. </a>

**Tags:** [MTF](https://options.greeks.live/area/mtf/), [Market Abuse Regulation](https://options.greeks.live/area/market-abuse-regulation/), [Market Manipulation](https://options.greeks.live/area/market-manipulation/), [Attempted Market Manipulation](https://options.greeks.live/area/attempted-market-manipulation/), [Benchmark Manipulation](https://options.greeks.live/area/benchmark-manipulation/), [STOR](https://options.greeks.live/area/stor/)	

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- 
### [What Are the Primary Regulatory Frameworks Governing Algorithmic Trading and Best Execution?](https://options.greeks.live/question/what-are-the-primary-regulatory-frameworks-governing-algorithmic-trading-and-best-execution/)
![Abstract intersecting geometric forms, deep blue and light beige, represent advanced RFQ protocols for institutional digital asset derivatives. These forms signify multi-leg execution strategies, principal liquidity aggregation, and high-fidelity algorithmic pricing against a textured global market sphere, reflecting robust market microstructure and intelligence layer.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-multi-leg-execution-algorithmic-pricing-global-liquidity-principal-trading-systemic-integration-high-fidelity-execution.jpg)

The primary regulatory frameworks for algorithmic trading and best execution are systemic mandates for order and transparency in financial markets.

- 
### [What Are the Regulatory Considerations for Pre-Hedging in RFQ Environments?](https://options.greeks.live/question/what-are-the-regulatory-considerations-for-pre-hedging-in-rfq-environments/)
![A metallic cylindrical component, suggesting robust Prime RFQ infrastructure, interacts with a luminous teal-blue disc representing a dynamic liquidity pool for digital asset derivatives. A precise golden bar diagonally traverses, symbolizing an RFQ-driven block trade path, enabling high-fidelity execution and atomic settlement within complex market microstructure for institutional grade operations.](https://options.greeks.live/wp-content/uploads/2025/07/precision-execution-protocols-navigating-digital-asset-derivatives-market-microstructure-for-optimal-block-trade-liquidity.jpg)

Navigating pre-hedging in RFQ environments requires a systemic framework of disclosure, documentation, and justifiable risk management.

- 
### [What Are the Core Components of a Compliant Pre Hedging Surveillance System?](https://options.greeks.live/question/what-are-the-core-components-of-a-compliant-pre-hedging-surveillance-system/)
![An abstract, precisely engineered construct of interlocking grey and cream panels, featuring a teal display and control. This represents an institutional-grade Crypto Derivatives OS for RFQ protocols, enabling high-fidelity execution, liquidity aggregation, and market microstructure optimization within a Principal's operational framework for digital asset derivatives.](https://options.greeks.live/wp-content/uploads/2025/08/integrated-principal-trading-system-modules-for-institutional-digital-asset-derivatives-rfq-execution-and-optimized-market-microstructure.jpg)

A compliant pre-hedging surveillance system is an integrated framework of technology and governance designed to ensure regulatory adherence.

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---

**Original URL:** https://options.greeks.live/question/how-does-the-eus-market-abuse-regulation-change-surveillance-scope/
