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Dodd Frank, MAR, REMIT

Anti abuse cases worldwide

Vitol is in danger of being fined $6M in the US  for alleged manipulation in California’s power market. The regulator FERC has issued this “Order to Show cause”. An article on the topic can be found here on Reuters.  Also in the US, a firm has been fined $350,000 for engaging in wash sales on CBOT. The press release from the CFTC can be found here.

In a separate case, a firm was fined $350,000 by the CME for “failure to supervise” and front running. The disgorgement amount is $9,715, so the fine is very much higher than the gain. The case is described on the DCM blog here. The order is here.

Outside of energy and commodities, reporting restrictions have been lifted on the latest developments in the “Operation Tabernula” case, where the conviction of Richard Baldwin for laundering money gained from insider trading is now revealed. The FCA statement is here and an article on here.

In Singapore, three individuals were given jail sentences for front running, as reported here by the Monetary Authority of Singapore(MAS). It is the first sentence under these rules.

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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