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Enforcement case summaries published

Various regulators have recently published summaries of recent enforcement case statistics and other metrics:

In Europe, ESMA has issued this report on “administrative and criminal sanctions and other administrative measures under MAR”. The report covers 2016 and 2017, the first years when MAR has been applied. As such, there are a relatively small number of cases listed, with much enforcement work taking place under “pre MAR” legislation (for example see here). Page 6 of the report reveals that in Germany, seven criminal sanctions for market manipulation were placed on natural persons, with fines totalling 12,450 Euros.  In addition, several administrative sanctions are revealed, including 2 non pecuniary measures for inside information infringements, 42 for market manipulation (of which 35 are pecuniary), and 218 others. This number is likely to increase in 2018 as MAR starts to take further effect, including a possible proportion in the energy and commodities sector.

In the US, both FERC and the CFTC have published enforcement summaries. FERC’s can be found here, and the CFTC’s here.  The FERC report is discussed here on the DCM Blog here, which highlights the fact that the level of enforcement is increasing. Both reports show an increase in the number of cases brought, including in market manipulation and insider trading. They are discussed in this article on the National Law Review web site by Michael W Brooks of Bracewell LLP.  This article on also reports on the increasing number of spoofing actions by the CFTC, and refers to a specific case against a trader, John Edmonds, formerly of JP Morgan Chase, for spoofing on the precious metals market (see also here on and the press release from the Department of Justice  here.) A guilty plea has been entered.

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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