Charging

Nymex, Ex-Employees Leaked Trade Info, CFTC Charges

The U.S. Commodity Futures Trading Commission (CFTC) last Thursday filed an enforcement action charging New York Mercantile Exchange Inc. (Nymex), a unit of CME Group, and two former CME Nymex employees, William Byrnes and Christopher Curtin, with violating the Commodity Exchange Act (CEA) and CFTC regulations through the repeated disclosures of nonpublic material customer information over a two-and-a-half-year period to an outside commodity broker. CME Group fired back that not only did it address and handle the issue appropriately, the complaint against Nymex is “neither justified as a matter of law nor consistent with the regulatory structure” established by the CEA.

February 25, 2013

Nymex, Former Employees Leaked Trade Information, CFTC Charges

The U.S. Commodity Futures Trading Commission (CFTC) on Thursday filed an enforcement action charging New York Mercantile Exchange Inc. (Nymex), a unit of CME Group, and two former CME Nymex employees, William Byrnes and Christopher Curtin, with violating the Commodity Exchange Act (CEA) and CFTC regulations through the repeated disclosures of nonpublic material customer information over a period of two and a half years to an outside commodity broker. CME Group fired back that not only did it address and handle the issue appropriately, the complaint against Nymex is “neither justified as a matter of law nor consistent with the regulatory structure” established by the CEA.

February 22, 2013

Industry Brief

Washington state regulators fined Bellevue, WA-based Puget Sound Energy (PSE) $430,000 for improperly charging natural gas and electric utility residential customers for disconnecting their service. The Washington Utilities and Transportation Commission (UTC) approved a multi-party settlement agreement that alleged 1,639 violations by the combination utility of the state’s consumer protection rules. In addition, PSE now has refunded disconnect-visit fees it charged more than 9,000 customers, dating back to December 2009. PSE also has agreed to change its policy regarding the disconnection visits, the UTC said.

December 3, 2012

BNP Paribas: Bargain Utility Hunters Open Door for Gas Bulls

Record natural gas use by U.S. utilities is tightening supply/demand balances sooner than the market was expecting, setting the stage for natural gas bulls to come charging back, according to BNP Paribas.

May 21, 2012

BNP Paribas: Bargain Utility Hunters Open Door for Gas Bulls

Record natural gas use by U.S. utilities is tightening supply/demand balances sooner than the market was expecting, setting the stage for natural gas bulls to come charging back, according to BNP Paribas.

May 15, 2012

Pennsylvania Impact Fee Becomes Law

Pennsylvania is on its way to officially charging a fee for Marcellus Shale drilling. Gov. Tom Corbett signed House Bill 1950 last Monday, giving shale gas-rich counties in the state the ability to impose a 15-year impact fee on unconventional gas wells; now it’s up to the locals.

March 12, 2012

Pennsylvania Governor Signs Impact Fee Into Law

Pennsylvania is on its way to officially charging a fee for Marcellus Shale drilling. Gov. Tom Corbett signed House Bill 1950 on Monday evening, giving shale gas-rich counties in the state the ability to impose a 15-year impact fee on unconventional gas wells; now it’s up to the locals.

February 15, 2012

Pennsylvania Impact Fee Becomes Law Following Three-Year Slog

Pennsylvania is on its way to officially charging a fee for Marcellus Shale drilling. Gov. Tom Corbett signed House Bill 1950 on Monday evening, giving shale gas-rich counties in the state the ability to impose a 15-year impact fee on unconventional gas wells; now it’s up to the locals.

February 15, 2012

Forecaster Expects Six More Named Storms in Atlantic

The near-record pace of the 2011 Atlantic hurricane season already has the 15th named storm of the year charging across the Atlantic Ocean, and another six named storms are likely to form before the season’s official end on Nov. 30, according to forecasters at Andover, MA-based WSI. Corp.

September 22, 2011

Industry Brief

The Commodity Futures Trading Commission (CFTC) issued an order charging Swiss financial services firm UBS AG with unlawfully exceeding position limits on certain energy and metal futures contracts on the New York Mercantile Exchange (Nymex). The CFTC imposed a $130,000 civil penalty on UBS for exceeding position limits on certain Nymex natural gas, heating and platinum futures contracts on more than one occasion from about December 2006 through March 2008. UBS was ordered to cease and desist from such violations of the Commodity Exchange Act. According to the order, UBS exceeded Nymex position limits for the Michigan Consolidated Gas Co. Natural Gas Basis Swap futures contract, the Transcontinental Gas Pipe Line Co. Zone 4 Index Natural Gas Basis Swap futures contract, the New York Harbor No. 2 Heating Oil futures contract and the Platinum futures contract. The CFTC said it was assisted by Nymex in resolving the matter and that it took into account the cooperation of UBS.

February 25, 2010
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