Physical withholding

About the online training programme

Physical withholding concerns a manipulative scheme, which is not so much applied in equity or bond markets, but, instead, in the commodity commodities. Professionals with market access need to know about the ins and out so that one can prevent this kind of abusive behaviour. Professionals with a market monitoring or surveillance function have to be able to detect abusive behaviours.

Course contents

This series of courses consists of the following video lessons, as well as an exam:

  1. Introduction
  2. What can be withheld?
  3. Emerging science
  4. The California electricity crisis
  5. The Iberdrola case
  6. Intentionally booking sufficient capacity
  7. Unintentionally withholding demand
  8. Cross-zonal electricity transmission capacity hoarding – Introduction
  9. Cross-zonal electricity transmission capacity hoarding – Implicit & explicit capacity allocation
  10. Cross-zonal electricity transmission capacity hoarding – Two aspects
  11. Cross-zonal electricity transmission capacity hoarding – Example with implicit allocation
  12. Cross-zonal electricity transmission capacity hoarding – Example with explicit allocation


“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
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IBAN NL25ABNA0828446555