Market Manipulation

News & Analysis as of

Credit Crunch Digest - October 2014

This issue of the Credit Crunch Digest focuses on estimated Forex-related fines and exposure; requests by U.K. authorities for additional funding to investigate rate-rigging and Forex manipulation; a guilty plea in connection...more

Global Financial Regulators Issue Record-Breaking Fines for Foreign Exchange Benchmark Rate Manipulation

On November 12, 2014, the Commodity Futures Trading Commission (CFTC), the Office of the Comptroller of the Currency (OCC), the UK’s Financial Conduct Authority (FCA), and Switzerland’s Financial Market Supervisory Authority...more

FCA Enforcement: The Landscape After FX

This briefing discusses the new approach of the UK’s regulator, the FCA, to regulatory enforcement of wholesale markets, as revealed by the recent settlements between the agency and five banks relating to FX manipulation....more

Financial Conduct Authority Announces Fines Against Banks For Foreign Exchange Practices

On November 12, the FCA announced that it was fining five banks for their foreign exchange practices. Specifically, ineffective controls at the banks allegedly allowed traders to strategize and manipulate exchange rates for...more

Bridging the Week - November 2014 #3

Five Banks Penalized US $3.1 Billion by CFTC and UK FCA for Attempted Manipulation of FX Benchmark Rates; OCC Fines Two of the Banks and One More an Additional US $950 Million - The Commodity Futures Trading Commission...more

This Week In Securities Litigation

Supreme Court Justices Scalia and Thomas indicated that the High Court may at some point consider a question regarding the application of insider trading law in criminal cases and the deference due, if any, to the...more

Banks Settle with U.K. Regulatory Authority Over Forex Manipulation

Today it was announced that six banks settled with the U.K. Financial Conduct Authority and other regulators for a combined total of approximately $4.3 billion for their roles in the manipulation of the $5.3 trillion-a-day...more

SEC Sanctions Athena in First High-Frequency Trading Manipulation Case

On October 16, in a groundbreaking trading manipulation case, the Securities and Exchange Commission entered an Order instituting a settled administrative proceeding against high-frequency trading firm Athena Capital...more

Takeaways From Broker-Dealers’ Section 5 Inadequacies

The staff of the U.S. Securities and Exchange Commission recently addressed broker-dealers’ obligations when they engage in transactions in unregistered securities by issuing FAQs and a risk alert that reported the results of...more

SEC Announces First-Ever Market Manipulation Case Against High-Frequency Trading Firm

On October 16, 2014, the US Securities and Exchange Commission (SEC) announced a settlement in the amount of US$1 million with Athena Capital Research LLC to resolve claims of market manipulation involving Athena’s use of...more

Securities Enforcement Forum 2014 — Directors Panel

Yesterday I blogged from the Securities Enforcement Forum 2014, Bruce Carton’s excellent one-day conference, held at the Four Seasons hotel in Washington, D.C. The posts will be fairly raw, and certainly not verbatim...more

This Week In Securities Litigation

The Commission announced its largest whistleblower action this week – an award to a person overseas of over $30 million. The agency also filed a series of actions this week....more

UK Government Proposes New Insider Dealing Powers in the Wholesale Energy Markets

The Department of Energy and Climate Change published a Consultation on 6 August 2014 seeking views on its proposals to introduce new criminal offences for insider dealing in and the manipulation of the wholesale energy...more

FERC Issues Notice of Alleged PJM Market Manipulation to Alan Chen and Powhatan Energy Fund, LLC

On August 5, 2014, the Federal Energy Regulatory Commission (FERC) issued a Staff Notice of Alleged Violations (Preliminary Notice) stating that FERC’s Office of Enforcement has preliminarily determined, in a non-public...more

This Week In Securities Litigation (Week ending July 18, 2014)

The SEC’s insider trading probe regarding the House Ways and Means Committee and a senior staff member, also involves 44 investment funds and other entities, according to a Bloomberg news report citing recently filed court...more

FERC’s Principles-Based Enforcement

You may have noticed the Federal Energy Regulatory Commission (FERC) has received lots of heated criticism over its enforcement of alleged market manipulation and fraudulent behaviors. You may also have noticed FERC has not...more

FERC Issues Notice of Alleged Natural Gas Market Manipulation

On July 9, 2014, the Federal Energy Regulatory Commission (FERC) issued a Staff Notice of Alleged Violations (Preliminary Notice) stating that FERC’s Office of Enforcement has preliminarily determined, in a non-public...more

Department of Commerce Announces Preliminary Decision to Impose Tariff on Solar Panels Imported From China

Some U.S. solar equipment manufacturers have lauded the Department of Commerce’s recent decision to impose high tariffs on solar panels imported from China as the end of China’s unfair market advantage; however, from the...more

Credit Crunch Digest -- May 2014

This issue of the Credit Crunch Digest focuses on ongoing investigations into Libor manipulation by Deutsche Bank; fines against Barclays stemming from manipulation of the gold market; a warning by the SEC regarding Bitcoins;...more

FERC Issues Notice of Alleged MISO Market Manipulation

On June 12, 2014, the Federal Energy Regulatory Commission (FERC) issued a Staff Notice of Alleged Violations (Preliminary Notice) stating that FERC’s Office of Enforcement has preliminarily determined, in a formal, nonpublic...more

This Week In Securities Litigation (Week ending June 13, 2014)

The Commission failed to prove its insider trading claims to the satisfaction of a jury for the second week in a row. This time a Los Angeles jury rejected claims of the agency against a corporate executive that were tied to...more

Eleventh Circuit Upholds Convictions in “Pump-and-Dump” Stock Fraud Scheme

The US Court of Appeals for the Eleventh Circuit recently upheld convictions for defendants who engaged in an illegal pump-and-dump stock manipulation scheme. Defendants, who participated with seven others in a conspiracy to...more

FERC Sets Enforcement Case Against BP for Hearing, Takes Expansive View of Jurisdiction to Enforce Anti-Manipulation Rule

In an order issued on May 15, 2014 that takes a broad view of its jurisdiction over conduct that allegedly violates the Natural Gas Act’s (NGA) prohibition against market manipulation, the Federal Energy Regulatory Commission...more

FERC Orders Evidentiary Hearing For Alleged Market Manipulation By BP

On May 15, 2014, the Federal Energy Regulatory Commission (FERC) issued an order setting an evidentiary hearing before an administrative law judge (ALJ) to determine whether BP America Inc., BP Corporation North America Inc.,...more

SEC Files Partially Settled Manipulation Action

The Commission brought another action centered on reverse mergers involving Chinese issuers. This action differs from earlier cases, however, since it focuses on the promoters who are charged with manipulating the shares...more

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