(3)The Commission specified the indicators of market manipulation laid down in Annex I to Regulation (EU) No 596/2014 in Annex II to Delegated Regulation (EU) 2016/522. Building on the competent authorities’ experience in the supervision of market abuse, and considering technical developments, including the use of algorithmic trading techniques, it is necessary to update Annex II to Delegated Regulation (EU) 2016/522 to specify that, when applying the indicators of market manipulation, market participants and competent authorities should consider that market manipulation can be carried out in time spans that are shorter or longer than a day or a trading session, in particular where market manipulation concerns less liquid financial instruments or involves algorithmic trading. Market manipulation may also be carried out through orders to trade or transactions that lead to significant changes in the volume of an instrument. It is therefore also necessary to specify that, when applying Indicators A(a) and A(d) of Annex I to Regulation (EU) No 596/2014, market participants and competent authorities may also consider orders to trade or transactions that lead to a significant change in the volume, and not only in the price, of a financial instrument, a related spot commodity contract, or an auctioned product based on emission allowances. Furthermore, to take into account the possibility of indirect exposures, it is necessary to specify that, for the purposes of Indicator A(b) of Annex I to Regulation (EU) No 596/2014, market participants and competent authorities may also consider orders to trade or transactions by persons that do not have a significant buying or selling position but that have a significant interest in or exposure to a change of price of the relevant instrument, including through margin calls or debt covenants. To enhance legal clarity and ensure supervisory convergence, it is also appropriate to further specify certain elements of Indicators A(b), A(d), and A(e). Finally, it is necessary to correct erroneous cross-references.