Anti abuse news – Investigations, spikes and fines

The past weeks have seen a great deal of news around possible market manipulations, price spikes and other potentially abusive activity. Here we summarise a few of interest: The recent cold weather in Texas has led to power outages as well as spikes in wholesale energy prices (for example see here on the Reuters web site). FERC has announced an investigation into potential wrongdoing here. The CFTC is also monitoring the market including other commodities such as silver, as announced in a statement by acting chair Rostin Behnam in the opening statement before the Market Risk Advisory Committee here. The recent issues around “short squeezes” in various stocks such as Gamestop relating to activities in chat rooms have also attracted attention. The Hill reports here that the DOJ has opened an investigation into the matter. Steven Maijoor, chair of ESMA, has delivered this statement in relation to the matter. An attempt to short squeeze the silver price in a similar manner was not successful, as reported here on the FT web site. ICE Futures Europe has issued two fines related to position limits breaches. Both relate to crude futures with the first for £30,000 (see here) and the second for… continue reading

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