archives

REMIT

This tag is associated with 321 posts

Dawn raid in physical withholding case in Romania and a case in the US

The Romanian Competition Council, in cooperation with the ANRE (the National Regulatory Authority of Romania) has carried out dawn raids as part of an investigation into a possible abuse of a dominant position of Hidroelectrica SA. The announcement can be found here. Hidroelectrica are alleged to have ” limited the quantity of traded energy on some … Continue reading

Large ING settlement for money laundering includes significant disgorgement element

The Dutch bank ING has reached a settlement with the Dutch Public Prosecution Service of €775m for failures in anti money laundering procedures and compliance, which permitted accounts to be used for criminal activity. The announcement from ING can be found here, and an article on the topic on FT.com here. The settlement is split into … Continue reading

Link for ACER’s “EMIT” forum

ACER will be holding their second “Energy Market Integrity and Transparency Forum” this afternoon (6th September) and tomorrow morning (7th September) in Ljubljana. It will cover a variety of topics relating to REMIT spanning reporting, the disclosure of inside information and market manipulation. The event will be live streamed, and can be accessed from here.

Brexit update: REMIT SI announced, and developments on the financial side

There have been a few developments in the Brexit story since our last post here. On the political level, the story continues to dominate the headlines in the UK, with a commitment to continue to negotiate as much as possible (see here on The Guardian web site). The UK’s HM Government Department for Business, Energy … Continue reading

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