JP Morgan has settled with the CFTC for $65m for the attempted manipulation of the ISDAFIX benchmark. The press release can be found here and the order here. The fine relates to activity from 2007 to 2012, during which time there were attempts to influence the benchmark by both trading activity (trading in the pricing window … Continue reading
The European Council yesterday agreed its position to update and increase the role of the Agency for the Coordination of Energy Regulators (ACER), who are, amongst other things, responsible for many parts of REMIT, including data collection and cross market monitoring, as well as other areas such as network codes. The press release from the … Continue reading
ACER has today published this open letter Inside Information disclosure and the use of Inside Information Platforms. The letter was promised in a previous quarterly newsletter (see here). Different types of entity are required to disclosure inside information under REMIT Article 4. At present, most do this on a web site, in many cases using a … Continue reading
The FCA has reported here that confiscation orders have been made against two individuals who have already been convicted of insider trading in a complex scheme, discovered as part of “Operation Tabernula” in 2016 (see here). This is part of the FCA focus on anti market abuse activity which has been seen recently. In the … Continue reading
ACER published the latest “REMIT Quarterly” document on Friday, which can be found here. The document includes references to the recently published guidance on capacity hoarding (see here), data quality, and also highlights that the number of new cases under investigation has increased, as has the number of open cases. However, the Quarterly opens with … Continue reading
Andre Flotron, an ex UBS trader who was accused of spoofing on the Comex market in precious metals futures, was yesterday acquitted of the charge, as reported here on the Bloomberg web site and also here on the New York Times web site. Flotron was accused of spoofing in gold and silver futures at various … Continue reading
The Commission de régulation de l’énergie (CRE), France’s National Regulatory Authority (NRA, i.e. energy regulator), has issued a press release (here) and communique (here) providing market participants and PPATs (Professional Persons Arranging Transactions) with reminders of their obligations under REMIT, and information the market that there are currently 6 open investigations, of which 3 are in … Continue reading
The Danish Energy Regulatory Authority (DERA) has today announced that they have surrendered two cases of possible electricity capacity hoarding on the Elbas market to the Danish police. The announcement can be found here. This follows the publication of a guidance note by ACER earlier today on the topic (see here).
ACER has today issued a guidance note on Capacity Hoarding, which can be found here. This follows the publication of a paper last year on wash trades (see here). Summary commentary will be published here over the coming days. ETR Advisory Regulatory Support clients will receive a detailed paper.
This blog has covered the many streams of regulatory reporting to which market participants have become subject to over the past years. The burden is also high for trading venues, who must meet a thicket of requirements. This response by Europex, to the European Commission as part of the Commissions, “fitness check on supervisory reporting” … Continue reading