Liquidity, not regulation, is key to avoid manipulation, says CFTC

Following Enron’s demise, and the California power crisis, there has been a backlash against OTC energy trading in the US that is largely unwarranted, Brown-Hruska said. US politicians such as Senator Dianne Feinstein (Democrat, California), for example, have unsuccessfully sought to re-regulate OTC derivatives trading.

The CFTC has so far fined 20 major energy companies around $200 million in civil monetary penalties related to false price reporting and attempted manipulation of natural gas

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