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MAR

This category contains 116 posts

Tullet Prebon fined £15.4m. Updated REMIT guidance

The UK’s Financial Conduct Authority (FCA) announced last week that Tullet Prebon Europe Limit (TPEL) has been fined £15.4 million for “failing to conduct its business with due skill, care and diligence, failing to have adequate risk management systems and for failing to be open and cooperative with the FCA”. The notice can be found … Continue reading

MAR consultation

ESMA yesterday opened a consultation as part of the “MAR Review”which can be found here. It includes several proposed changes that cover the entirety of MAR. It also contains a proposal to expand the scope of MAR to spot FX. The document includes a section of the definition of inside information with respect to commodity … Continue reading

2nd and 3rd Open Anti-Abuse meetings for energy and commodities announced

Following the first Open Anti-Abuse meetings run in March 2019 (see here), the 2nd and 3rd events have been announced for November 2019 in Amsterdam and March 2020 in London. ETR Advisory and the Market Abuse Centre jointly organise the events for the energy and commodities industries.  They are open to all professionals in the European energy … Continue reading

Conclusions from ACER’s “EMIT” forum and a WhatsApp deletion issue

ACER’s “EMIT” forum, held last week in Ljubljana, covered a spectrum of matters related to REMIT’s implementation. The topics included: Inside information (including the currently open consultation which can be found here). Questions of market manipulation  – enforcements and investigations. Data collection. Cooperation between regulatory bodies. The issue of budget and the likely future ability … Continue reading

£2.1m fine in GB under REMIT for spoofing

Ofgem, the National Regulatory Authority for Great Britain, announced today the Engie Global Markets(EGM) has been fined £2.1 million. The press release can be found here, and a fuller announcement here. The fine relates to activity carried out in NBP (National Balancing Point) gas contracts, and took place between June and August 2016. The investigation … Continue reading

More developments on wheat futures manipulation case, and more cases

There have been further developments in the case regarding market manipulation in wheat futures in the US (see here). This article on the CNBC web site reports that one of the defendants is suing the CFTC for publishing the press release. This article on food business news reports that the chair and two commissioners of … Continue reading

US cases – Further development in recent case, and another spoofing case

Following the announcement of a $16m settlement for market manipulation in wheat futures in the US earlier this week (see here), the CFTC has withdrawn the press release. This article on the Lexology web site by  Gary DeWaalKatten of Muchin Rosenman LLP  explains that the defendants enforced an agreement not to publicise the details of … Continue reading

$16m fine in the US, other US fines, and a fine alternative in Northern Ireland

Kraft Heinz Co and Mondelez International Inc have been fined $16 million in the US by the CFTC for market manipulation. The press release can be found here and the order here. The companies are accused to have built up significant positions in wheat futures, with no intention of taking delivery thus sending a false … Continue reading

Inside information – FCA Market Watch

The UK’s Financial Conduct Authority (FCA) has issued their latest “Market Watch” newsletter (number 60). It can be found here. The focus is on the control of access to inside information, following the recent convictions in the case against a UBS compliance officer and a day trader (see here). The newsletter looks at some of … Continue reading

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 … Continue reading