For your information, Russell McVeagh's summary of the decision available at the link below. This judgment was
significant because it delineates the boundary between legitimate trading strategies and market manipulation. In
particular, it confirms a trader's subjective purpose (as determined from contextual factors such as emails and phone
calls) is relevant to a finding of manipulation.
8 March 2017
Russell McVeagh Financial Regulations Update
The Warminger trial: Determining the parameters of permissible conduct
On Friday, the Auckland High Court released its decision in the first defended market manipulation case decided in New
Zealand. The Financial Markets Authority (FMA) alleged that former Milford Asset Management portfolio manager Mark
Warminger manipulated the market through certain trades between January and September in 2014.