Market Manipulation

News & Analysis as of

FERC Seeks to Expand Electricity Market Surveillance with New Data Reporting Requirements

On September 17, 2015, the Federal Energy Regulatory Commission (FERC) issued a Notice of Proposed Rulemaking (NOPR) to expand the obligations of Regional Transmission Organizations and Independent System Operators...more

FCA Publishes New Market Watch Focusing on Commodities Traders and Market Abuse

On September 3, the Financial Conduct Authority (FCA) published issue 49 of Market Watch, its newsletter on market conduct and transaction reporting issues. In it, the FCA sets out its findings following a thematic review it...more

Ofgem publishes letter on market abuse under REMIT

Ofgem has published an open letter on the prohibition of market abuse under REMIT. The letter covers: - behaviour that may constitute market manipulation; - market participants’ duty to publish inside information...more

Case Note: Market Abuse Proceedings in the High Court

The judgment in The Financial Conduct Authority v. Da Vinci Invest Limited [2015] EWHC 2401 (Ch) was published on 12 August 2015, following a trial in front of Mr Justice Snowden. The case concerned allegations that the...more

With Dismissal of Another Set of Major High-Frequency Trading Suits, Litigation Risk From Providing Fast Data and Other Services...

Judge Furman of the SDNY Dismisses Claims Against Major Exchanges and Barclays, Holding That Facilitating HFT Does Not Constitute Actionable Market Manipulation - Judge Jesse Furman of the United States District Court...more

Initial Decision Finds that BP Manipulated 2008 Natural Gas Market in Texas

On August 13, 2015, a Federal Energy Regulatory Commission (“FERC” or “Commission”) Administrative Law Judge (“ALJ”) issued an initial decision in which she found that BP America Inc. et al. (“BP”) manipulated the natural...more

BP Case May Again Test Limits of FERC’s “In Connection With” Enforcement Jurisdiction

A Federal Energy Regulatory Commission (FERC) Administrative Law Judge last week issued an Initial Decision finding that BP America (BP) and certain related BP entities violated FERC’s Anti-Manipulation Rule. Following a...more

SEC Sues 32 Defendants Involved in Insider Trading Operation; DOJ Files Criminal Charges Against Leaders

On August 10, the SEC filed a complaint against 32 defendants in the District of New Jersey for their alleged involvement in an international scheme to profit from stolen, confidential information regarding corporate earnings...more

July Whistleblower Digest | News Your CCO Needs to Know

This month’s digest features whistleblower collections for a corporate insider who helped solve a fraud case and for five individuals who uncovered a False Claims Act violation. This digest also features a section of news...more

UK's Serious Fraud Office Secures LIBOR Conviction

On Monday, August 3, Tom Hayes was convicted and sentenced to 14 years’ imprisonment for his part in the manipulation of the London Interbank Offered Rate (LIBOR). The result has attracted attention because it was the first...more

Former Derivatives Trader Convicted and Sentenced in U.K. on Libor Manipulation Charges, Also Facing Criminal Charges in U.S.

On August 3, a jury in the United Kingdom convicted former derivatives trader Tom Hayes on eight counts of fraud for his role in the manipulation of the London Interbank Offered Rate (Libor) for Japanese Yen. Hayes was...more

Carrying the Halli-burden: District Court Takes Up Price Impact at Class Certification in the Wake of Halliburton v. Erica P....

In a lengthy ruling containing a detailed analysis of dueling economic expert reports, a federal court in Texas held on July 25, 2015 that defendant Halliburton Company demonstrated a lack of price impact at the...more

United States Supreme Court Poised to Address Standard for Insider Trading Following Second Circuit’s Decision in United States v....

Today, the Solicitor General filed a petition for a writ of certiorari in United States v. Newman, 773 F.3d 438 (2d Cir. 2014), asking the United States Supreme Court to address the standard for insider trading in a...more

FinCrimes Update - July 2015 Summary Volume 2, Issue 7

AML/BSA & OFAC: OFAC PROVIDES GUIDANCE TO FINANCIAL INSTITUTIONS TO HELP COMPLY WITH CRIMEA SANCTIONS REGULATIONS - On July 30, OFAC issued a “Crimea Sanctions Advisory,” highlighting certain actions that have been...more

AUC Finds TransAlta Guilty of Manipulating Electricity Market

In a landmark and long anticipated decision, on July 27, 2015, the Alberta Utilities Commission (AUC) released its 217-page decision in Market Surveillance Administrator allegations against TransAlta Corporation et al., Mr....more

SEC Files Microcap Fraud Action Charging Thirty-Four Defendants

Microcap fraud has been a priority for SEC Enforcement at least since the creation of the Microcap Fraud Task Force two years ago. The cases typically focus on market manipulation claims of shell companies and pump-and–dump...more

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

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