Traders found to have violated exchange rules could be fined, suspended or expelled, he said.

The exchanges undertake such proceedings when they believe a trader may have violated exchange rules.

Under exchange rules, specialist firms are expected to stand aside when a natural buyer and seller converge to buy or sell a stock.

However, exchange rules do not allow these transfers to be used for maintenance margin calls.

However, a market maker is bound by strict exchange rules while the individual trader is not.

All of the men agreed to the sanctions without admitting or denying that exchange rules had been violated.

The ninth floor is also where records on traders' compliance with exchange rules are kept.

Swiss exchange rules require price-sensitive information to be announced outside trading hours.

In the UK, exchange rules are a commercial contract between the parties.

A contractual obligation, such as an exchange rule gives rise on the face of it to strict liability.