Abnormal Trading Behaviors Defined by the Exchange
Excessive market trading behavior: Opening positions ≥ 50 in a single trading day, clearly exceeding reasonable needs.
Self-trading: Completing trades with oneself via the same account or related accounts.
Combined positions of related accounts exceeding limits: Aggregate positions of accounts under the same actual control exceed the exchange’s position limit.
Price manipulation via related accounts (matched/wash trades): Using related accounts to artificially move prices (e.g., wash trading) for illicit gains.
Credential-theft trading: Trading with stolen accounts/passwords or through linked accounts to conduct illegal trades and move funds.
Order brushing with own/related accounts: Submitting repeated orders across multiple accounts to fabricate volume.
Prohibited quant/arbitrage trading: Using illegal algorithms or methods to evade rules or conduct improper cross-market arbitrage.
A/B position trading: Opening long in one account and short in another to create abnormal records.
High-frequency or programmatic HFT violations: Using technical means to execute 大量, ultra-short-interval trades that disrupt the market.
Abnormal convergent trading: Multiple related accounts aligning in direction/price/time, undermining market fairness.
Operating another’s account: Trading on behalf of others without authorization.
Ultra-short-term trading: Frequent open/close with holding time ≤ 3 minutes, disturbing normal order.
Price manipulation or other malicious market acts: Using deceptive means to manipulate prices and damage fairness.
Exploiting vulnerabilities/unreasonable means: Profiting from technical bugs or rule gaps to harm users or Tebbit.
Activities deemed harmful by Tebbit: Any conduct Tebbit considers detrimental to market order or operations.
Multi-device/account fee-farming or hedging: Abusing multiple devices/accounts to farm fee rebates or create fake hedges.
Handling of Abnormal Trading
Terminate account & access, confiscate illicit gains: Immediate freezing and seizure of illegal proceeds.
Invalidate ultra-short-term trades; roll back data: Orders identified as ultra-short-term are canceled and rolled back.
Close violating positions at market price: Force close all positions involved to prevent further improper profit.
Types & Handling: Matched/Wash Trades, Order Brushing, A/B, HFT Violations
Types/Features of Matched (“Wash”) Trades
Credential-theft trades: Using stolen accounts/passwords to transfer funds between accounts.
Related-account wash trades: Prearranged trades between related accounts at fixed price/size to move funds.
Agent using wash trades to transfer funds: Between the principal’s account and the agent’s own account.
Criteria for related accounts: Registration time, IP, deposit/withdrawal addresses, and other linkage indicators.
Types/Features of Order Brushing, A/B, HFT Violations
Multi-account order brushing: In the same period, multiple related accounts trade same instrument/similar size/price.
A/B position trading: Long and short opened simultaneously in one or multiple related accounts to fabricate records.
Rapid open/close trading: Large numbers of open/close actions in short time, forming abnormal patterns.
Penalties for Violations
Minor violations: Rectification order, confiscation of illegal gains, warning, or temporary suspension.
Serious violations: Forced liquidation, account freeze, public censure, or designation as “market-banned.”
Suspected criminal activity: Referral to law-enforcement and litigation.
Tebbit Special Provisions
Tebbit strictly prohibits any unfair trading, including but not limited to:
Participating in price manipulation or malicious market behavior.
Exploiting vulnerabilities or improper means that harm users or the platform.
Engaging in market-harmful activities.
Multi-device/account order brushing or hedging to game fees.
If such behaviors occur, Tebbit may freeze accounts, force-close positions, and refer cases to authorities.