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REMIT

This category contains 301 posts

Study of “misconduct patterns” and more cases

The FICC Markets Standards Board (FMSB) has issued the results of a “Behavioural Cluster Analysis” on misconduct patterns in the financial markets. The key document  can be found here, with other supporting documents found here.  The study has examined market misconduct cases going back to 1814, with some interesting  findings, which include: The misconduct revolves … Continue reading

Traders indicted in metals futures spoofing case

Two traders formerly of Deutsche Bank have been indicted by a court in the US for “spoofing” in metals futures, according to this article on the Reuters web site. The case relates to orders placed on the CME Comex exchange in gold, silver, platinum and palladium futures. The complaint document from the CFTC can be … Continue reading

More documents from ACER – and transaction reporting FAQ contents

Following the publication of several documents by ACER last week(see here), the latest version of the “REMIT Quarterly has been published, which can be found here. The newsletter focuses on data collection and the efforts around it so far. It also reminds of the forum to be held in Ljubljana at the beginning of September. … Continue reading

REMIT documents: Open letter, transaction reporting FAQ and others

ACER has released several new documents over the past few days, including an updated transaction reporting FAQ document which was released today and can be found here. Yesterday, ACER released this second open letter on data quality. The letter gives many examples of items typically reported incorrectly. In addition, it indicates that those who do … Continue reading

Large manipulation fine in agricultural trading and more

The spate of anti abuse activity has continued since our last post (see here). The CFTC has settled with Lansing Trade Group LLC for $3.4 million, in a physical-financial manipulation case in agricultural trading. The CFTC press release can be found here and the order here.  This is another example of the use of physical … Continue reading

JP Morgan manipulation fine and other anti abuse news

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

Possible ACER change in authority, ESMA speech, and a course

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 publishes open letter on the disclosure of inside information

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

Insider traders confiscation orders and other anti abuse news

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

New REMIT Quarterly – Including case study reminding of wide scope of REMIT

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