What's the meaning of “market manipulation”?

Must not engage in practices that

distort prices or artificially inflate trading volume （扭曲价格、虚增交易量）

with the intent to mislead market participants. （目的是误导投资者）

Market manipulation includes:

Info-based: The dissemination of false or misleading information.

Transaction-based: Transactions that deceive or would be likely to mislead market participants by distorting the price-setting mechanism of financial instruments.

Not prohibit legitimate trading strategies that exploit a diff in market power, info, or other inefficiency.（利用市场的无效性）

Not prohibit trade for tax purposes, selling then buying back. （为了税收目的）

      Futures Exchange signed the contract with Market Maker to insure the minimum trading volume by deceasing commission. If for the interest of clients and disclosed, Not violate. （交易所与做市商有约定，如果达到一定的交易量可以减少佣金，如果这种利益归属于客户且披露了，没有违反市场操纵准则）