The defence opened its evidence in the Financial Market Authority's case against Milford Asset Management portfolio manager Mark Warminger saying it is based on "speculation, supposition, and retrospective hindsight". It's the country's first market manipulation case to come to trial. "His buying or selling had a genuine purpose - to acquire or dispose of shares for profit or to get market intelligence," Heron said. "His purpose was not to set or maintain the price of any security or to create an artificial market." This is a novel case that will test what is and isn't market manipulation.

Source: New Zealand Herald October 10, 2016 03:45 UTC