Marking the Close

About the online training programme

Marking the close concerns a form of market manipulation. It concerns the manipulation of reference prices, such as settlement prices, indices or markers, which are used as reference to settle contracts, like commodity supply agreements of financial instruments, such as cash settled derivatives. Manipulation of a reference price would imply that invoicing takes place on an incorrect price reference. Analogously, positions are valuated in an incorrect way. However, regulations which prohibit market abuse in financial markets aim to protect investors, while regulations which prohibit market abuse in commodity and energy markets aim to protect consumers.

Course contents

This series of courses covers the following videos:

  1. Price positioning – Introduction
  2. Price positioning – When and where?
  3. Marking the close – Introduction
  4. Settlement of commodity supply contacts
  5. Settlement of derivatives contracts
  6. Valuation of contracts
  7. Markers
  8. Marking references
  9. Mistakes
  10. Benchmarks
  11. The LIBOR scandal
  12. Conflicts of interest
  13. Corporate policy
  14. Example
  15. Trigger
  16. Choice market
  17. Susupicious timing


“MAC’s courses are very suitable for our employees; good quality content is what we look for.”

Rob Veersma
Global Energy Community
“Really well structured and easy to follow content that is varied in delivery in order to keep the reader engaged. Looking forward to seeing more from the MAC in the future!”

Erika Rabadia
Manager Trading Surveillance

Our Labels

Entrima and Market Abuse Centre (MAC) are the two labels we operate to provide learning services for professionals in the commodity & energy markets.

Content & Context

Entrima’s mission is to transfer knowledge regarding the business, controls & operations of parties in (or relating to) the wholesale markets.

Conduct & Culture

MAC’s mission is to facilitate the prevention & detection of misconduct and to foster proper behaviour in organisations. This is achieved via training, periodic updates and increased awareness.

More information?
Download our Course Guide


Market Abuse Centre facilitates prevention & detection of market abuse. We set learning standards for minimum required knowledge and provide training accordingly.


We offer a comprehensive curriculum of online self-study training courses regarding a wide variety of topics.

Overview of our Courses


For more information please contact us on [email protected]
Beursplein 5
1012 JW Amsterdam
Chamber of Commerce
VAT number
Bank Account
IBAN NL25ABNA0828446555