The short answer is "I do not know".

The long answer!

Should I care? Probably but I am not a daytrader and even with low brokerage fees I do not see myself being able to squeeze the pennies out of each possible transaction to justify any added stress.  I have often contemplated "playing" with 10% of my KRY holding in the daytrading scenario.  However, I keep telling myself that one of these days the "go-ahead" is going to happen and my attempt at gaining a few percent rather than significant percent is just no worth the effort.  The reality today of course is that I would have been better trying to squeeze out the pennies.  At least my psyche would be in a better state.

Next, I will presume since others seem to suggest it, that there is a marketmaker (MM).  It is the definition of a marketmaker to make a market so it would be difficult to accuse this person of manipulation.  Hopefully the exchanges monitor their activities but who knows for sure.

Next, does someone know something I do not about KRY?  I would  be surprised not to find others much more knowledgeable about KRY but again I suspect this knowledge is more useful in the medium to long term rather than the daytrading aspect.  About the only intelligent comment I could make here is that this knowledge would be visible with large volumes, up or down.

I appreciate the similar frustration of others regarding KRY.  If there is manipulation then the issuing of the permit "go-ahead" will counter out any current  manipulation.  Oh wait a minute, when the "go-ahead"  is issued we may see some real manipulation as various parties attempt to out-manoeuvre each other for KRY control.

I guess I will finish by asking how, where or why do you perceive manipulation?