Which of the following is NOT covered by market abuse regulations?

Market abuse regulations are designed to prevent manipulative practices and ensure transparent financial markets. They typically cover various financial instruments that could be subject to manipulation or insider trading.

Commodities, options, futures, and securities traded on recognized exchanges are all included under these regulations because they are directly involved in trading activities that can impact market integrity. These instruments are typically traded in environments where market abuse could significantly distort prices and create unfair advantages for certain traders.

Retail level insurance products, on the other hand, do not usually fall under market abuse regulations. They are generally considered consumer products rather than financial instruments that are traded in the markets where market abuse can occur. Therefore, they do not face the same level of regulatory scrutiny as the other listed financial instruments. This distinction is important because it highlights the focus of market abuse regulations on ensuring fairness and integrity in the active trading environment.