Author Archives: Cadwalader

First Criminal Prosecution for Spoofing: High Frequency Trading Firm Owner Indicted in Northern District of Illinois

By Jodi Avergun, Anthony Mansfield, Gregory Mocek, Paul Pantano, Isabelle Corbett and Jonathan Flynn On October 2, 2014, the U.S. Attorney for the Northern District of Illinois announced the indictment of Michael Coscia, the owner of Panther Energy Trading (“Panther”), for six counts of commodities fraud … Continue reading

Posted in Cases, CFTC, Commodity Trading, Enforcement and Investigations, Mining/Metals, Oil & Gas, Power, Regulation

On to the Supreme Court? The D.C. Circuit Denies FERC’s Request for Rehearing En Banc of its Decision to Vacate FERC’s Demand Response Rule

On September 17, 2014, the United States Court of Appeals for the District of Columbia Circuit denied the Federal Energy Regulatory Commission’s request for rehearing en banc of the D.C. Circuit’s decision to vacate FERC’s wholesale demand response compensation rule. … Continue reading

Posted in FERC, Oil & Gas, Power, Regulation

Clear Rift Highlighted by Commissioners’ Lack of Action on New England’s Most Recent Forward Capacity Auction Results

On September 16, 2014, the Federal Energy Regulatory Commission’s four Commissioners issued statements explaining a 2-2 deadlock between Chairman LaFleur and Commissioner Moeller on the one hand and Commissioner Clark and new Commissioner Bay on the other, over whether to … Continue reading

Posted in FERC, Oil & Gas, Power, Regulation

Update to New CME Rule on Disruptive Trading Practices Summary Chart

On August 28, 2014, the Chicago Mercantile Exchange Inc., the Board of Trade of the City of Chicago, the New York Mercantile Exchange, Inc., and the Commodity Exchange, Inc. (collectively, the “CME”) submitted a notice of a rule adoption to … Continue reading

Posted in CFTC, Commodity Trading, Oil & Gas, Regulation

New CME Rule on Disruptive Trading Practices Summary Chart

On August 28, 2014, the Chicago Mercantile Exchange Inc., the Board of Trade of the City of Chicago, the New York Mercantile Exchange, Inc., and the Commodity Exchange, Inc. (collectively, the “CME”) submitted a notice of a rule adoption to … Continue reading

Posted in CFTC, Commodity Trading, Enforcement and Investigations, Regulation

Summary of Prudential Regulators’ Re-Proposed Margin Rules

On September 3, the Board of Governors of the Federal Reserve System (“Board”), the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the Farm Credit Administration and the Federal Housing Finance Agency (collectively, the “Prudential Regulators”) … Continue reading

Posted in CFTC, Commodity Trading, Dodd-Frank, Enforcement and Investigations, Regulation

REMIT Draft Implementing Acts Further Define Data Reporting Obligations

On 8 July 2014, the European Commission’s DG Energy published an updated draft of the implementing acts on data reporting under the Regulation on Wholesale Energy Market Integrity and Transparency (“REMIT”). This document sets out the requirements for the reporting … Continue reading

Posted in Commodity Trading, Oil & Gas, Power, Regulation, REMIT

Recent UK Proposals Emphasise Importance of REMIT Compliance for Energy Firms

Two recent actions demonstrate the United Kingdom’s (“UK”) continuing commitment to enforcing the European energy laws and the need for vigorous compliance efforts by market participants. Last month, the Office of Gas and Electricity Markets (“Ofgem”) published an open letter … Continue reading

Posted in Commodity Trading, Enforcement and Investigations, Oil & Gas, Power, Regulation, REMIT

Gloves Are Off: FERC Issues Public Notice of Alleged Violations in Powhatan Investigation

On August 5, 2014, the Federal Energy Regulatory Commission (“FERC”) issued a public Staff Notice of Alleged Violations (“NAV”) regarding alleged manipulative Up To Congestion trading by Powhatan Energy Fund (Powhatan) in the PJM energy market.  The NAV states that … Continue reading

Posted in Enforcement and Investigations, FERC, Oil & Gas, Power

More FERC Federalism: D.C. Circuit Affirms FERC’s Jurisdiction Again – New England Power Generators Ass’n v. FERC

By Kenneth Irvin, Gregory Lawrence, Natalie Mitchell, and Katrina Olsen On July 8, 2014, the United States Court of Appeals for the District of Columbia Circuit denied the petition for review filed by New England Power Generators Association, Inc. and other market participants’ over … Continue reading

Posted in FERC, Oil & Gas, Power, Regulation