Market Manipulation

News & Analysis as of

Financial Regulatory Developments Focus - January 2015 #3

In this issue: - US Office of the Comptroller of the Currency Releases Community Reinvestment Act Evaluations - Amendment to Regulation on Supervisory Reporting of Institutions on Asset Encumbrance, Single Data...more

"United States: International Cooperation, Anti-Corruption and Tax Remain Key Issues for Enforcement Authorities"

U.S. authorities continue to aggressively pursue cross-border investigations and to scrutinize closely the compliance programs of multinational corporations. Investigative activity by U.S. authorities in 2014 was particularly...more

Third Circuit Defines "Extraterritorial" Applicability of Federal Securities Laws in United States v. Georgiou

The U.S. Court of Appeals for the Third Circuit added its voice yesterday to the ongoing judicial effort to construe the U.S. Supreme Court's 2010 decision in Morrison v. National Australia Bank, concerning the extent to...more

Federal Prosecutors Charge Canadian Trader in “Layering” Scheme

The US Attorney for the District of New Jersey recently filed criminal securities and wire fraud charges against a Canadian man, Aleksandr Milrud, alleging that he engaged in a fraudulent scheme to manipulate the stock...more

This Week In Securities Litigation

The Commission brought cases related to HFT this week, but not against those traders. One action involved the operations of one of the largest dark pools. A second involved two exchanges. Each action involved specific types...more

Financial Institutions and a Lack of Ethics

If there is one industry that needs an ethics overhaul, it has to be the financial industry. The list of transgressions continues to grow – AML/sanctions, LIBOR, Foreign Exchange Currency Cartels and Market Manipulations,...more

U.S. Supreme Court Hears Natural Gas Case in which 21 State AGs File Brief

On Monday, January 12, the U.S. Supreme Court will hear oral argument in the preemption case, Oneok v. Learjet. In reliance on state law private action remedies, Learjet sued Oneok over market manipulation in natural gas...more

FERC Approves Four MISO Market Manipulation Settlements

On December 30, 2014, the Federal Energy Regulatory Commission (FERC) issued an Order Approving Stipulation and Consent Agreements (Order) approving four Stipulation and Consent Agreements (Settlement Agreements) between...more

FERC Issues Order to Show Cause and Notice of Proposed Penalties to Powhatan Energy Fund, LLC and Related Parties

On December 17, 2014, as amended December 18, 2014, the Federal Energy Regulatory Commission (FERC) issued an Order to Show Cause and Notice of Proposed Penalty (Show Cause Order)1 directing Houlian (Alan) Chen, HEEP Fund,...more

Despite Potential Market Manipulation, FERC Declines to Reject Power Auction Results

The Federal Energy Regulatory Commission (FERC or the Commission) recently opted not to take action to set aside the results of a power auction that was allegedly manipulated. In the face of significant public complaints,...more

This Week In Securities Litigation

The SEC filed a series of actions in the last two weeks which included a break for the Thanksgiving holiday. One action focused on a Swiss investment firm giving advise in the U.S. without registering with the Commission....more

2014 SEC and FINRA Enforcement Actions Against Broker-Dealers and Investment Advisers

The sheer number of enforcement actions brought against broker-dealers and investment advisers makes it challenging to keep up. In this alert, we divide this year’s most important cases against broker-dealers and investment...more

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

49 Results
|
View per page
Page: of 2