Front Running. The Lender is not engaged, directly or indirectly, in buying or selling ahead of (“front running”) the arrival of the Pledged Collateral.
Front Running. As a Covered Person, you may not front-run an order or recommendation, even if you are not handling the order or the recommendation (and even if the order or recommendation is for someone other than the Covered Person). Front-running consists of executing a transaction based on the knowledge of the forthcoming transaction or recommendation in the same or an underlying security, or other related securities, within three (3) business days preceding a transaction on behalf of an Advisory Client.
Front Running. As a Covered Person, you may not front-run an order or recommendation being made for or on behalf of a NA Advisory Client, even if you are not responsible for the order or the recommendation (and even if the order or recommendation is for someone other than the Covered Person). Front-running consists of executing a transaction based on the knowledge of the forthcoming transaction or recommendation in the same or an underlying security, or other related securities, within three business days preceding a transaction on behalf of an NA Advisory Client. ============================================================================ AS A COVERED PERSON, YOU MAY NOT USE MATERIAL NON-PUBLIC INFORMATION ABOUT ANY ISSUER OF SECURITIES ============================================================================
Front Running. Front-running is an investing strategy that predicts the impact of upcoming trades on the price of a security. For ordinary securities, it is illegal for traders to practice front-running using prior trading information about their own or the others, which is punished by the Securities and Exchange Commission. It can also be interpreted as a variant of ”insider trading”.A example would be the HSBC foreign exchange market front-running scandal. In Decem- ber 2011, one HSBC client was looking to exchange about $3.5 billion for British pounds, a fairly large transaction. However, two bank employees bought British pounds before placing the clients order, expecting that the large transaction would raise the price of the pound and they can thus profit with illegal market-moving information. For centralized cryptocurrency exchanges, front-running is not uncommon. Hackers have previously stolen bitcoins and then profited by shorting the relevant cryptocurrencies given that their anticipated hacking events will drive down the prices of the related cryptocur- rencies. Please refer to figure 1 for the general process of front-running. Here we will also use an example. If Eve places a sell order for one token at 100 dollars, suddenly a big player, Alice, comes in with a larger buy order at 120 dollars for each token. If Eve scans the ethereum network quickly enough, she is able to see the larger buy order’s broadcast be- fore their order match and the actual tokens are verified and transferred on the network. Given that Eve definitely prefers selling her token while receiving 120 dollars rather than 100 dollars, she will cancel her order immediately upon observing the large buy order. If she pays a higher gas fee, her cancellation will be more likely to be verified by the miners before the order matching engine executes Eve’s sell order. She can subsequently place a sell order again, but this time at 120 dollars for her token.
Front Running. Neither you nor any related party shall take a position based upon non-public information regarding an impending transaction by another User.
Front Running. Front-running can be defined as: profiting by placing one’s own orders ahead of a large order based on knowledge of that impending order. In other words, front-running occurs when a person, firm, broker receives an order of buying or selling a more considerable amount of stocks and does not immediately carry out the order. On the contrary, the one who got the order tries to benefit from the expected price movement of his client.The concept is perhaps clearer with the help of an example. Suppose that a broker gets an order for a customer to buy 100,000 shares. Before placing the order for the customer on the market, he on his own buys 10,000 of the shares. After buying 10,000 shares for $ 100, he places the order of 100,000 shares. What happens now is that the price goes up (due to demand of the customer) and the broker can sell the 10,000 shares for $ 101 and makes a profit of $ 10,000. Of course this example is exaggerated and such a large order would be split up in smaller once but it makes the point clear how it works.The case with the broker and the consumer would be the easiest example for front- running but front-running has many faces. Another method of front-running is using an analyst recommendation that is not published yet. Analyst work for there client and give them recommendations of buying, selling or holding the stock. This information goes first to the clients and only after that to the financial media. When an analyst uses this information and knows, where the price is heading, is front-running. However, there are also grey zones. When for example a short-seller can gather a short position and then publicly tell the reasons why he is shorting that position. This example would not be front-running after U.S. law because he reveals his financial stake at the same time of his recommendation and the information he has published reflects the information gained by the market and he has no intention to mislead someone or to make profits out of this recommendation. The situation is different for the pump-and-dump method.
Front Running. The Lender is not engaged, directly or indirectly, in buying or selling ahead of (“Front Running”) the arrival of the Pledged Collateral. The Lender has not, nor has any Person acting on behalf of or pursuant to any understanding with the Lender, directly or indirectly, engaged in Front Running any security of the Borrower.