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MAR

This category contains 95 posts

FCA sees deficiencies in MAR implementation and a fine

Earlier this week, Julia Hoggett, Director of Market Oversight at the FCA, made a speech at the AFME Implementation of the Market Abuse Regulation in the UK event. It can be found here. The speech makes several points around the implementation of MAR and anti abuse policies in general, including combating conduct risk. Some of the … Continue reading

Second fine in Denmark for capacity hoarding

Yesterday the Danish Utility Regulator announced that Neas Energy A/S has accepted a fine of 150,000 DKK (approximately 20,000 euros) and 3,000 DKK (approximately 400 euros) disgorgement for capacity hoarding on 4 occasions in 2015. The press release from the DUR can be found here. This follows a fine for similar reasons levied in December (see … Continue reading

Anti abuse cases in the US and open anti abuse forum

The end of 2018 and first few days of 2019 have seen some anti abuse developments in the US, following the failed case highlighted in this post. The case of Australian trader Jiongsheng “Jim” Zhao saw further developments this week. In January 2018, Zhao was arrested in Australia following charges of spoofing on the CME … Continue reading

What could 2019 have in store for us?

As the working year of 2019 opens, it is worth taking a few moments to consider what will keep us busy in the regulatory world of energy and commodity trading over the coming months. As usual on this blog, we will focus on Europe, with an eye on the rest of the world. The era … Continue reading

2018 draws to a close

As 2018 draws to a close, it is worth briefly reflecting where we stand in the world of regulation, as applied to energy and commodity trading: We opened the year with this post, very shortly before MiFID II came into application, on 3rd January. The start of MiFID II was a busy time for many … Continue reading

Open Anti Market Abuse Forum to be run in London

ETR Advisory and the Market Abuse Centre will jointly organise an open “anti abuse” forum for the energy and commodities industries, to run in London on Monday 11th March 2019. This discussion forum is open to all professionals in the European energy and commodities markets to provide a public mechanism to discuss issues arising out of the implementation of … Continue reading

REMIT fine in Denmark and failed case in the US

On Friday the Danish Utility Regulator announced that Danmark Energi has been fined 750,000 Danish Krone as well as a charge of 354,000 Danish Krone for disgorgement, for a breach of REMIT Article 5, the prohibition against market manipulation. The fine is levied for several instances of “Capacity hoarding”, that is the claiming of capacity … Continue reading

Manipulation fines under REMIT in Spain

The Comisión Nacional de los Mercados y la Competencia (CNMC), the Spanish National Regulatory Authority (NRA) has fined Galp Gas Natural S.A.and Multienergía Verde, S.L.U 80,000 EUR and 120,000 EUR respectively for market manipulation under REMIT. This follows a larger market manipulation fine under REMIT of 5 million Euros announced in October (see here). In … Continue reading

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 … Continue reading

New FCA Marketwatch and other anti abuse news

There have been several anti abuse updates since our last post on the topic here: The UK’s Financial Conduct Authority (FCA) has published this new “Market Watch” newsletter, which provides some new examples of behaviours that would be considered market manipulation and therefore a breach of MAR. The behaviours are “flying” and “printing”, the practice … Continue reading