Category Archives: Commodity Trading

SAVE THE DATE: 2016 Spring Energy & Commodities Conference

Cadwalader, Wickersham & Taft LLP will host an in-depth discussion on the evolving regulatory, transactional and business issues facing U.S. and international energy and commodities market participants. As the industry continues to face sweeping regulatory, credit, and market challenges, many notable … Continue reading

Posted in CFTC, Commodity Trading, Distressed Energy, Dodd-Frank, Energy Infrastructure, Enforcement and Investigations, ERCOT, Events, FERC, Finance, Mining/Metals, Oil & Gas, PJM, Power, Regulation, Renewables

CFTC / CME Settle Misappropriation Case

On December 2, 2015, the U.S. Commodity Futures Trading Commission (“CFTC” or “Commission”) and the New York Mercantile Exchange (“NYMEX”) simultaneously announced settlements with Arya Motazedi, a gasoline trader, including for claims of insider trading under CFTC Rule 180.1.1 On … Continue reading

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

New DOJ Policy Regarding Individual Accountability for Corporate Wrongdoing

On September 9, 2015, the U.S. Department of Justice announced a new policy regarding individual accountability for corporate misconduct.  The policy, described in a memo authored by Deputy Attorney General Sally Yates, posits that “one of the most effective ways … Continue reading

Posted in Commodity Trading, DOJ, Energy Infrastructure, Enforcement and Investigations, Finance, Mining/Metals, Oil & Gas, Power, Regulation, Renewables, Tax

FCA and Ofgem Question Adequacy of Commodity Firms’ Compliance and Market Abuse Controls

By Doron Ezickson and Adam Topping In the most recent edition of its regular market conduct and transaction reporting-focused ‘Market Watch’ publication, the UK Financial Conduct Authority (“FCA”) provides a review of commodities firms’ compliance and governance structures, with particular regard to market abuse … Continue reading

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

CFTC Division of Market Oversight Holds Roundtable to Assess the Made Available to Trade Process

By Anthony Mansfield, Paul Pantano, Neal Kumar, Lamiya Rahman and Mary Treanor On Wednesday, July 15, 2015, the Commodity Futures Trading Commission’s (“CFTC”) Division of Market Oversight (“DMO”) hosted a public roundtable to discuss the process to determine whether a swap must be executed on … Continue reading

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

REMIT: The Road to Enforcement

By Doron Ezickson and Adam Topping Following a number of recent developments, described below, the rules and regulations enacted under the European Union (EU) Regulation on Wholesale Energy Markets Integrity and Transparency (REMIT) are now close to being fully-implemented.  Market participants must … Continue reading

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

Tariff Compliance Is Not Enough: FERC Imposes Nearly Thirty-Five Million Dollars in Penalties and Disgorgement against Powhatan Energy Fund and Its Trading Associates

By Doron Ezickson, Thomas Millar, and Mary Treanor 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 … Continue reading

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

Supreme Court’s Holding in Oneok v. Learjet Could Lead to New Risks for Market Participants

By Joseph Bial, Gregory Lawrence, Gregory Mocek, Paul Pantano, Charles F. (Rick) Rule, Daniel Howley, Thomas Millar, and Natalie Mitchell On April 21, 2015, the Supreme Court decided Oneok v. Learjet, holding that “Respondents’ state-law antitrust claims are not within the field of matters pre-empted by the Natural … Continue reading

Posted in Antitrust/Competition, Cases, Commodity Trading, Enforcement and Investigations, Oil & Gas, Power, Regulation, Supreme Court

A Signal of Things to Come? New CME Rule 512 Reflects Modified Stance for Violations of Futures and Options Reporting Requirements

By Athena Eastwood, Gregory Mocek, Jonathan Flynn, Neal Kumar and Mary Treanor. On March 24, 2015, the CME Group, Inc. (“CME”) announced a proposed amendment to Rule 512 indicating that it will impose a minimum fine of $1,000 for repeat violations of its exchanges’ reporting … Continue reading

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

Unregistered CTA Summit Energy Services: Choose Your Words Wisely

By Athena Eastwood, Gregory Lawrence, Andrew Greenberg, and Neal Kumar A recent case highlights the importance of periodically reviewing an energy company’s marketing materials and related activities (including statements made on websites) to ensure that the company is not holding itself out — … Continue reading

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