EU Regulation 596/2014 on insider dealing and market manipulation — the directly applicable framework for market integrity across regulated EU venues.
The Market Abuse Regulation (MAR — Regulation 596/2014/EU) is the European Union's directly applicable framework for preventing, detecting and sanctioning market abuse — insider dealing, unlawful disclosure of inside information and market manipulation — across all regulated EU trading venues and the related OTC instruments. Together with the MAD II Directive (2014/57/EU) it forms the EU's primary market-integrity regime.
MAR establishes three core prohibitions:
MAR is enforced by national financial-market supervisors — the FCA in the UK, BaFin in Germany, AMF in France, MNB in Hungary, and so on; ESMA coordinates at the EU level. The supervisor's task is to aggregate data from trading venues, brokers and issuers and identify patterns that suggest abuse.
The difficulty is that a single trading venue, a single instrument or a single market participant rarely shows the full picture — particularly on cross-border, multi-venue markets where coordinated manipulation moves across venues, instruments and brokerage houses. Aggregator-level supervisory detection is precisely about pulling that scatter into a single analytical view.
MAR and SFMA are related but distinct detection problems:
The two can overlap — a coordinated wave of manipulation may be both a chain of MAR breaches and the prelude to a wider SFMA event. That overlap is exactly why a supervisor benefits from handling both inside one platform.
Marengo supports MAR detection at the supervisory aggregator level: a national supervisor or an EU-level body processes patterns from trading venues and related sources on a single platform. This is one of Marengo's two core capabilities, alongside SFMA detection.
Brokerage- or issuer-level MAR compliance (internal control systems, suspicious-trade reporting, surveillance solutions) is not within Marengo's scope.
