N.Y. Comp. Codes R. & Regs. tit. 21, § 507.12 – Auction and secondary market monitoring.

(a) In advising the committee, the professional independent auction monitor will monitor each CO₂ allowance auction and develop and apply data collection methods, metrics, and analytic techniques, and thresholds for identifying any bidding behavior or activity that may have a significant impact on the efficiency and performance of such auctions, including, but not limited to:
1. (1) collusion;
2. (2) market power; and/or
3. (3) price manipulation.
(b) The professional independent auction monitor shall also monitor allowance market data and information known to the department and the authority including allowance transactions and associated pricing reported in the CO₂ allowance tracking system, and other relevant data and information to ensure fair competition, efficient pricing, and protection against collusive or manipulative behavior in the CO₂ allowance auctions and the CO₂ Budget Trading Program.