Price fixing is a form of market manipulation where two or more parties agree to buy or sell a security at a specific price, with the intention of influencing the market price. This is a collusion between traders, firms, or other market participants to set an artificial price level, which can lead to:

1. _Unfair market conditions_: Distorting the natural supply and demand balance.

2. _Manipulated prices_: Artificially inflating or deflating prices.

3. _Reduced competition_: Limiting market access and stifling innovation.

4. _Harm to investors_: Causing financial losses for unsuspecting investors.

5. _Undermining market integrity_: Eroding trust in the market and its participants.

Price fixing can occur in various forms, including:

1. _Bid rigging_: Agreeing on bids to manipulate the price of a security.

2. _Price matching_: Agreeing to match prices to maintain an artificial level.

3. _Fixing prices_: Directly setting prices through collusion.

To detect and prevent price fixing, regulators and exchanges use:

1. _Trade surveillance_: Monitoring trading activity for suspicious patterns.

2. _Market monitoring_: Analyzing market data for unusual activity.

3. _Investigations_: Conducting in-depth analyses of suspected price fixing.

4. _Whistleblower tips_: Encouraging reporting of suspicious activity.

5. _Regulatory enforcement_: Imposing penalties and fines for price fixing violations.

Price fixing is a serious offense, and regulators and exchanges take measures to prevent and detect such activities to maintain fair and orderly markets.