In addition to transparency, the confidence which the public and the trading participants place in the market and its pricing mechanism constitutes the precondition for proper functioning of an exchange. For this reason, the highest priority of an exchange is to safeguard that the processes of trading and pricing are carried out fairly and free from manipulations.
On EEX in Leipzig, this duty is discharged by the Market Surveillance, an autonomous and independent body of the exchange under the German Exchange Act which is only subject to instructions by the exchange supervisory authority, the Saxon Ministry for Economic Affairs, Labor and Transport. Beyond that, the Management Board of the Exchange may direct the Market Surveillance department to carry out investigations. The head of the Market Surveillance Office is appointed by the Exchange Council after consulting with the Exchange Supervisory Authority upon a proposal to that end by the Management Board of the Exchange.
The Market Surveillance records all the data regarding exchange trading and the settlement of trades on a daily basis, evaluates these and carries out any investigation activities which might be required. In addition to this, it carries out special investigations on its own initiative or upon an instruction to that end by the exchange supervisory authority. The Market Surveillance commands far-reaching rights to demand and obtain information in order to be able to fulfil its tasks.
The Market Surveillance reports to the Exchange Supervisory Authority and to the Management Board of the Exchange regularly or on specific occasions and it informs the Exchange Council of its activities in the course of the Exchange Council meetings. The Market Surveillance supports various national, European and international authorities, in particular in the fields of exchange and financial market supervision, energy regulation and competition supervision.