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MAR

This category contains 121 posts

Fines in the financial markets

A 2 million Euro fine has been issued under MAR to ABN Amro for late disclosure of inside information. The notice can be found here. In the UK, the PRA (Prudential Regulation Authority) has fined Citigroup £44 million for failings in reporting. These failings relate to internal controls and governance arrangements underpinning compliance with regulatory … Continue reading

More US anti abuse activity – previous metals – more spoofing

Following the charging of several individuals earlier this year (see here) an additional trader, formerly of JP Morgan Chase and Co, has been charged with market manipulation in precious metals futures on Comex and Nymex over a period ranging from 2008 to 2016. The notice from the Department of Justice can be found here. The … Continue reading

Anti abuse activity continues in the US

Anti abuse penalties continue to increase in the US following recent fines (see here). These include a settlement of $67.4 m between the CFTC and Tower Research Capital LLC for spoofing. The  CFTC press release can be found here and the order here. This article on the FT web site summarises the case. In commodities, … Continue reading

One week to the 2nd open anti-abuse forum

The 2nd open anti-abuse forum for the energy and commodities will take place in Amsterdam on the 11th November 2019, in one week’s time. There are still a few places remaining for those who wish to attend. The forum is brought to the market on a non-profit basis by the Market Abuse Centre and ETR … Continue reading

Investigations in Germany, anti abuse fine in the US, REMIT Quarterly

The Bundesnetzagentur, the National Regulatory Authority of Germany, has announced that it is investigating six companies for possible irregularities in the balancing market. The announcement can be found here. The investigation relates to imbalances in the power market in July 2019. US Fines FERC has ordered Vitol to pay over $3.7 m for alleged power … Continue reading

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