Swiss

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.

EnCana Corp. has buoyed the hopes of Nova Scotia’s offshore oil and natural gas industry by designating a Swiss company to build and operate its planned Deep Panuke mobile offshore production unit.

North American Energy Credit and Clearing (NECC) has hammered out a deal with investment banker Credit Suisse, which will give the Swiss-based banker an equity position in the clearing hub and provide credit enhancement tools for NECC customers. The investment is being made by the Credit Suisse Next II Fund. Financial details were not disclosed. NECC, privately held and based in Chicago, offers its services through the IntercontinentalExchange trading platform and voice brokers. Credit and clearing services are offered for power products in Texas and California, and for natural gas traded at Henry Hub, PG&E Citygate, Panhandle Eastern, TCO Pool and Columbia Gulf Onshore. To date, NECC said it has entered into about 600 transactions valued at more than $100 million. Its customer base includes traders, utilities, banks, merchant power plants and gas suppliers.

Swiss bank UBS AG and Netherlands-based global banking group ABN AMRO said late last week that they have entered into an agreement under which ABN AMRO will sell its global futures and options business to UBS for $386 million in cash plus net tangible assets. The companies said closing is expected toward the end of the third quarter of 2006.

Swiss bank UBS AG and Netherlands-based global banking group ABN AMRO said Thursday they have entered into an agreement under which ABN AMRO will sell its global futures and options business to UBS for $386 million in cash plus net tangible assets. The companies said closing is expected towards the end of the third quarter of 2006.

Swiss-based investment banker UBS, which was recently given the green light by the U.S. Bankruptcy Court in New York to acquire Enron Corp.’s wholesale energy and marketing unit, apparently will trim 300 of its 800 jobs in the unit once the transaction is completed, according to UBS CEO Peter Wuffli.