Last Friday, ACER issued this report on the application of the REMIT market manipulation prohibition (Article 5) in relation to layering and spoofing. This is the third such “example market abuse” paper issued by ACER, with one on capacity hoarding issued in 2018 (see here) and one on wash trades in 2017 (see here). The paper follows some fines and other cases around such practices as well as “phantom orders” in general (see here and here for example). It goes through some example prohibited activity and maps it to the prohibitions in REMIT, primarily relating to the sending of “misleading price signals” and “price positioning”.
ACER also issued this updated version of the 4th edition of the REMIT guidance at the same time.
Last week the Bundesnetzagentur (German National Regulatory Authority) together with the Bundeskartellamt (competition regulator) opened a consultation on the monitoring for abusive practices in wholesale energy. The press release in English can be found here and the full consultation document in German here. The consultation closes on 20th May 2019.
This article published by Greenberg Traurig reports on the fact that only a small proportion of STORs (Suspicious Transaction and Order Reports) submitted to the UK’s FCA under MAR (and preceding legalisation) result in investigations and convictions.