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DoddFrank

This tag is associated with 21 posts

Market abuse updates – Corona related and otherwise

There have been several reports around the selling of stocks by Senator Richard Burr, the chairman of the Senate Intelligence Committee as well as  Senator Sen. Kelly Loeffler and others. The allegations are around the selling of the stocks before information was made public about the extent of the spread of the Corona virus, but … Continue reading

CFTC proposes position limits rules

Last Thursday the CFTC unveiled the latest and possibly final proposal for mandatory position limits on certain commodity derivative contracts. This is the latest version of the rules which formed part of the Dodd Frank Act but which so far have not been implemented (see here). The new version proposes several changes to the previously … 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

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

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of a $16m settlement for market manipulation in wheat futures in the US earlier this week (see here), the CFTC has withdrawn the press release.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

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

Fine for position limit violation in the US

The CFTC has fined Elephas Investment Management Ltd. a Hong Kong based hedge fund, for violating wheat futures speculative position limits on CBOT. The fine was set at $160,000.  The CFTC press release can be found here and the order here. The Order found that on November 29, 2017, “Elephas held a net long position … Continue reading

MiFID II updates, CFTC position limits

While there is not much news relating to MiFID II specifically for those in energy and commodities, the wider financial services world has seen a great deal of discussion and activity since the first anniversary of the rules took place (see here). Any Investment Firm (which includes some energy and commodity market participants) needs to … Continue reading

IOSCO finds satisfactory progress in rules implementation

On Monday, the International Organisation of Securities Commissions (IOSCO) published this report, providing the results of the latest survey run across different global jurisdictions on the implementation of the ” Principles for the Regulation and Supervision of Commodity Derivatives Markets”, a document published here in September 2011. This third version of the survey published shows … Continue reading