This category contains 345 posts

$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

REMIT Quarterly – data format changes on hold and other news

ACER has issued the latest “REMIT Quarterly” newsletter, which can be found here. Points of note include: New reporting formats – this is suspended for 2019 until ACER receive more budget. XBID – An article on page 2 about  how ACER are surveying activity following the XBID implementation. Use of and sharing of data – … Continue reading

ACER issues open letter on REMIT data quality

ACER published a 3rd “Open letter on REMIT data quality” on Friday, which can be found here. The previous such letter was published just over a year ago (see here). The document addresses specific issues that occur when Market Participants and others fulfil their REMIT reporting requirements. Some points to note in the letter include: … 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

Updated REMIT guidance and consultation on Inside Information – move to use platforms

ACER released an updated REMIT Guidance document last night, together with some other updated documents. The changes relate to the disclosure of Inside Information under REMIT Article 4, and also the use of the exemption with respect to insider trading. ACER has also opened a consultation on  inside Information. The guidance document (section 7) states … Continue reading

Market abuse – Insider trading, $25m spoofing fine in the US and discussion on intra-day trading rules

The long running case against Fabiana Abdel-Malek, a former compliance officer at UBS AG, and Walid Choucair a day trader (see here) has returned a “guilty” verdict. Abdel-Malek was accused of providing Choucair with inside information in person, using a “burner” phone and personal meetings to communicate. The case is reported here on and here on … Continue reading

ACER sanctions list

ACER has put up this page on their web site, showing all sanctions issued across the EU against market participants under REMIT Articles 3 and 5 (Insider trading and market manipulation). There have been several cases over the past year (see here). Decisions related to other parts of REMIT are not included.

Two REMIT fines in Spain

Two fines have been levied by the CMNC,  the National Regulatory Authority of Spain, both for “physical withholding”: A fine of  5.8M Euros against Endessa Generación, S.A. (see here). A fine of 19.5M Euros against Naturgy Generación, S.A (see here). This follows a spate of other fines this year under REMIT (for example, see here).

Anti abuse news – and a panel

Recent market manipulation cases (for example see here) have continued the trend of an increased focus on anti abuse activity on the part of regulators. Earlier this year, the UK’s FCA issued a business plan (see here) which included a further focus on anti abuse activity under MAR. The FCA uses data collected under MiFID … Continue reading