Market Manipulation

News & Analysis as of

Focus on China Compliance - June 2015

In This Issue: - Increased Scrutiny by Chinese Securities Regulators Will Have Global Implications - Effective Employee Suspension Agreements to Facilitate Compliance Investigations - Protecting Against...more

The US Government’s Charge Against “Spoofing”

Asset managers should consider the practical implications of these recent developments. Signaling a new area of criminal and civil securities enforcement, federal regulators are flexing their newly acquired powers under...more

Financial Services Weekly News Roundup - June 2015 #2

Regulatory Developments: SEC Chair Highlights Recent Accomplishments - In a June 4, 2015 speech, SEC Chair Mary Jo White highlighted recent activities of the SEC and identified work to be done in the near future....more

Bridging the Week - June 2015 #2

NYDFS Issues BitLicense Framework for Regulating Virtual Currency Firms - The New York State Department of Financial Services issued final regulations requiring a so-called “BitLicense” and establishing minimum...more

This Week In Securities Litigation

This week Senator Elizabeth Warren forwarded a 13 page letter to SEC Chair White regarding her performance in office. The letter highlighted what it calls a “significant gap” between the promises of Ms. White at the time she...more

Tariff Compliance Is Not Enough: FERC Imposes Nearly Thirty-Five Million Dollars in Penalties and Disgorgement against Powhatan...

On May 29, 2015, the Federal Energy Regulatory Commission (“FERC”) issued an Order against Powhatan Energy Fund, LLC and its trading partners, Dr. Houlihan Chen, HEEP Fund, LLC and CU Fund, Inc. (together, “Powhatan”). FERC...more

Credit Crunch Digest - May 2015

This issue of the Credit Crunch Digest focuses on the nearly $6 billion Forex settlement between the big banks and various regulatory agencies; a judgment against RBS and Nomura in a mortgage-backed securities lawsuit brought...more

CFTC Proposes to Exempt Certain Southwest Power Pool Transactions

On May 18, the Commodity Futures Trading Commission issued a proposed order in response to an application submitted by Southwest Power Pool, Inc. (SPP) to exempt certain contracts, agreements and transactions for the purchase...more

Settlement Reached in Forex Lawsuit

For the past few weeks, it has been reported through various outlets that at least five banks were in negotiations with the U.S. Department of Justice (DOJ) and the U.K. Financial Conduct Authority (FAC) to settle...more

Such a fact pattern does not a $5 million penalty make

Or so says one dissenting FERC Commissioner in the recent Maxim Power enforcement proceeding. On May 1, 2015, FERC issued an order assessing civil penalties (the “Order”) of $5 million against Maxim Power Corporation and its...more

DOJ and International Investment Bank Enter Into Plea Agreement to Resolve LIBOR Manipulation Claims, Bank Agrees to Pay $2.5...

On April 23, the DOJ announced that an international investment bank and its subsidiary agreed to plead guilty to wire fraud for its alleged conduct, spanning from 2003 through 2011, in manipulating the London Interbank...more

Deutsche Bank Settles LIBOR Charges With FCA, DOJ, CFTC, NY State

Deutsche Bank paid $2.519 billion in fines and disgorgement, a subsidiary pleaded guilty to criminal charges and the parent entered into a three year deferred prosecution agreement which requires a monitor to resolve charges...more

This Week In Securities Litigation

The Department of Justice unsealed criminal charges against a U.K. trader who is alleged to have contributed to the flash crash almost five years ago. The trader is alleged to have manipulated the market for certain...more

Between Bridges - April 2015

Navinder Singh Sarao, a London-based trader, was arrested at his home in the United Kingdom on April 21, 2015, and accused by both the US Commodity Futures Trading Commission and the US Department of Justice of engaging in...more

DOJ Charges A Futures Trader With Contributing To The Flash Crash

Almost five years ago the Dow Jones Industrial Average dropped about 600 points in five minutes, creating chaos in the markets and huge losses for many. The market debacle became known as the flash crash. The causes were...more

Supreme Court Rejects FERC’s Preemption Argument and Permits State Antitrust Claims Against Interstate Pipelines to Proceed

On April 21, the U.S. Supreme Court issued an opinion in ONEOK, Inc., et al., v. Learjet, Inc. et al holding that state antitrust claims are not pre-empted by the Natural Gas Act. This important decision put the brakes on an...more

Credit Crunch Digest - March 2015

This issue of the Credit Crunch Digest focuses on recent developments in criminal Libor manipulation actions; a significant victory for several large banks facing RMBS-related claims; the U.K. Serious Fraud Office’s probe of...more

In re: Aluminum Warehousing: Cats Live for Another Day

On March 26, 2015, U.S. District Judge Katherine Forrest of the Southern District of New York, in a very colorful decision that metaphorically describes the plaintiffs as cats trying to locate a “rat” in the world of aluminum...more

The New European Market Abuse Rules – Looking Towards 2016

Significant changes to the European laws on market abuse are due to come into effect in July 2016. On implementation, the new measures will replace the four current European directives on market abuse. This Insight looks...more

Trade & Manufacturing - March 2015

In This Issue: - Foreign Currency Manipulation Front and Center in U.S. Trade Talks - United States Challenges Chinese Export Subsidies at the WTO - Executive Branch Launches Plan to Combat Wildlife...more

SEC Staples: Trading Suspensions, Market Manipulation and Ponzi Schemes

Trading suspensions, market manipulation and Ponzi scheme actions – staples of SEC enforcement. The Commission suspended trading for 128 dormant shell companies this week while bringing a market manipulation action involving...more

The Iron Law of Unintended Consequences - (with apologies to Robert Michels)

It is a certainty that no matter what action is taken (by an individual, a group, or especially a legislative body) that there will be unintended consequences. It is also true that those unintended consequences, like the...more

ESMA Publishes Technical Advice on New EU Market Abuse Regime

On February 3, the European Securities and Markets Authority (ESMA) published its final report to the European Commission (EC) with technical advice on possible new secondary legislation under the European Union’s Market...more

Court Finds CFTC RTO/ISO Exemptive Order Bars CEA § 22 Private Right of Action, but More to Come from the CFTC

Can private litigants bring claims under the Commodity Exchange Act alleging manipulation in ERCOT’s energy markets? On February 3, the U.S. District Court for the Southern District of Texas answered “no,” granting...more

Financial Services Regulation: Exchange International Newsletter - Issue 25 - February 2015

DLA Piper’s Financial Services International Regulatory team welcomes you to the twenty-fifth edition of ‘Exchange – International’ – an international newsletter designed to keep you informed of regulatory developments in the...more

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