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REMIT

BP Gas Marketing Ltd fined 1M EUR for activity on French gas market

It was announced on Friday by the CRE (Commission de régulation de l’énergie, the French National Regulatory Authority) that BP Gas Marketing Ltd has been fined 1 million Euros for breaking the REMIT market manipulation  rules via activity on the Peg Sud gas market in France.  The press release can be found here.

The activity took place in 2013 and 2014 and is similar to that covered by the 5 million Euro fine levied in September 2018 on Vitol S.A.(see here). Last week, a fine under REMIT was announced in Lithuania (see here) , making this the second fine announced this year.

The trend of increased anti-abuse activity that was expected for the year (see here) is therefore already seemingly coming to pass. Cases such as this one will likely be discussed at the 3rd open anti-abuse meeting due to be held in March (see here).

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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