CFTC: record levels of crime in energy markets
Daily news headlines
NEW YORK - The past five years have seen unprecedented levels of misconduct in the US energy markets, according to the Commodity Futures Trading Commission, which regulates the sector.
The CFTC said that, since the end of 2002, it had brought charges against 38 companies and 25 individuals for manipulation, false reporting and violations of trading rules in the energy markets, and had levied a total of $308 million in penalties. Dozens more firms and individuals are still under investigation for similar acts, the commission added.
As well as high-profile cases such as Connecticut-based Amaranth Advisors, the collapsed energy hedge fund now accused of attempted market manipulation, the US Securities and Exchange Commission (SEC) has filed 41 new actions this year, and collected $540 million in penalties and restitutions from across the industry. The SEC filed against Amaranth on September 28, arguing that the fund should not be allowed to avoid investigation by the Federal Energy Regulatory Commission.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact [email protected] to find out more.
You are currently unable to copy this content. Please contact [email protected] to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email [email protected]
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email [email protected]
More on Commodity derivatives
Risk Management
CME, FICC to overhaul Treasury market margining
Clearers eye deal to dramatically improve cross-margin savings, aim to extend offsets to end-users
Receive this by email