A behavioral pattern worth understanding, whether or not you ever see the detector's output.
Circular (or "ring") trading is when a security's turnover is inflated by trades that don't reflect a genuine change in ownership intent — the same broker on both sides of a trade (see wash trading), or a small group of accounts trading back and forth or in a cycle. It's a documented concern in NEPSE specifically, not a theoretical one.
No single trade looks wrong in isolation. The signal is structural — it shows up in the pattern of who trades with whom over a session, not in any one transaction — which is why detecting it means analyzing the whole graph of trading relationships for a symbol, not scanning individual trades.
The floorsheet — every trade, timed and attributed to a broker — is used to build that trading-relationship graph for each symbol and session, and to measure how much of a day's turnover moved in patterns consistent with wash trading, reciprocal trading, or closed trading rings, rather than genuine two-sided interest.
This page describes the concept, not the output: specific detection results are part of the Premium research toolkit, tested forward against real outcomes before they inform anything — the same forward-grading discipline described in Methodology applies here too.
