U.S. securities trading could become more transparent and harder to manipulate if the U.S. government has its way. The Securities and Exchange Commission (SEC) voted 5-0 last week to issue a proposal to establish a large trader reporting system, and separately proposed to put in place two investor protection measures in options markets that currently exist in stock markets.
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SEC Seeks to Force Large Traders to Report
U.S. securities trading could become more transparent and harder to manipulate if the U.S. government has its way. The Securities and Exchange Commission (SEC) voted 5-0 Wednesday to issue a proposal to establish a large trader reporting system, and separately proposed to put in place two investor protection measures in options markets that currently exist in stock markets.
SEC Seeks to Force Large Traders to Report
U.S. securities trading could become more transparent and harder to manipulate if the U.S. government has its way. The Securities and Exchange Commission (SEC) voted 5-0 Wednesday to issue a proposal to establish a large trader reporting system, and separately proposed to put in place two investor protection measures in options markets that currently exist in stock markets.
CFTC Sanctions Canadian Firms for Futures Manipulation
Cracking down on firms that are attempting to manipulate the natural gas futures market for financial gain, the U.S. Commodity Futures Trading Commission (CFTC) late last week levied $750,000 in fines on three Canadian companies for “wash” and prearranged trades.
CFTC Sanctions Canadian Firms for Futures Manipulation
Cracking down on firms that are attempting to manipulate the natural gas futures market for financial gain, the U.S. Commodity Futures Trading Commission (CFTC) on Thursday levied $750,000 in fines on three Canadian companies for “wash” and prearranged trades.
CFTC Sanctions Canadian Firms for Futures Manipulation
Cracking down on firms that are attempting to manipulate the natural gas futures market for financial gain, the U.S. Commodity Futures Trading Commission (CFTC) on Thursday levied $750,000 in fines on three Canadian companies for “wash” and prearranged trades.
Industry Briefs
A former energy trading supervisor for Western Gas Resources Inc. has been ordered to pay a $60,000 civil penalty to settle charges that he attempted to manipulate natural gas prices in 2000 and 2001, according to the Commodity Futures Trading Commission (CFTC). In a consent order issued earlier this week, U.S. District Judge Phillip S. Figa required Andrew K. Richmond of Superior, CO, to pay the penalty, and it permanently prohibits him from applying for registration, engaging in any activity requiring registration, or acting as a principal as defined by the National Futures Association, and from directly or indirectly trading on or subject to the rules of any registered entity. The consent order arose from a CFTC lawsuit filed on April 12, 2005, which found that between April 2000 and February 2001, Richmond pressured traders he supervised to submit false gas trading information, including fabricated price and volume information, to Gas Daily in order to benefit certain positions held by Western Gas (see Daily GPI, April 15, 2005). In addition, the consent order found that at least two traders that Richmond supervised submitted false trade information to Gas Daily. In 2004, Western Gas agreed to pay a civil penalty of $7 million in a settlement with the CFTC over charges of attempted manipulation and reporting of false information by traders on gas transactions in the 1999-2002 time period (see Daily GPI, July 2, 2004). “Previous investigations such as this one have shed light on published cash commodity indexes that are used as vehicles of price discovery,” said CFTC’s Gregory Mocek, director of enforcement. “Traders should not take comfort over the fact that such indexes are unregulated on a day-to-day basis because supplying bogus information to an index compiler is ultimately a violation of federal law that we will pursue.”
Ex-El Paso Trader Sentenced to Two Years in Prison
One of the first ex-energy traders to be indicted for taking part in a scheme to manipulate natural gas prices by reporting false information to industry publications was sentenced Thursday to two years in prison.
Valencia-Singleton Trial Goes to Jury in Houston
Closing arguments were heard Tuesday in the Houston trial of two former natural gas traders accused of attempting to manipulate the natural gas markets by reporting false trade data to price index publishers Inside FERC’s Gas Market Report and Natural Gas Intelligence.
NGI The Weekly Gas Market Report
Houston Jurors Hear of Big Money, High Pressure on the Trading Floor
Jurors in the Houston trial of two natural gas traders accused of trying to manipulate prices in 2000 waded through often complicated explanations of trading, hedging, spot and futures markets. They also were treated last week to review of numerous trader phone calls and e-mails that offered some saucy language along with insight into the high-stakes world of gas markets, where a few pennies this way or that can make or lose a small fortune.