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MAR, REMIT, Uncategorized

Large market manipulation fine in the US

Following last week’s news of a fine under REMIT for market manipulation, the CFTC have fined Total Gas & Power North America $3.6 million for a gas price manipulation, announced here. The charge is that large volumes of fixed price natural gas was traded at four hubs with the objective of manipulating indices. This article on Reuters further reports on the incident.

In the meantime an investigation into alleged ethanol benchmark manipulation by collusion, has been dropped by the European Commission, as reported here on the Bloomberg web site. The article reports that the case against Royal Dutch Shell Plc, BP Plc and Statoil ASA was dropped because the evidence and data did not support the suspicions.

About avivhandler

Aviv is the Managing Director of ETR Advisory, a niche consultancy focused on the regulation of the commodity, energy and financial markets. He has more than 23 years of experience in the financial, energy and commodity markets, covering regulatory compliance, credit, risk and financial technology. Prior to founding ETR, he was Partner at SunGard Global Services, where he built a Centre of Excellence in European Energy and Commodity Regulation. Before that, he founded Coherence, a consulting firm specializing in credit risk in commodity and energy trading as well as software product management. The credit practice ultimately became part of Sirius Solutions, where he was the Managing Director of Europe. He has also held management roles at KWI and Iris Financial, among other organizations. Mr. Handler holds a degree in computer science from Imperial College, University of London.

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