Category Archives: CFTC

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

CFTC Extends No-Action Relief for Swaps Executed as Part of Certain Package Transactions

By Athena Eastwood, Andrew Greenberg, Neal Kumar and Michael Selig On October 14, 2015, the Division of Market Oversight (“DMO”) for the U.S. Commodity Futures Trading Commission (“CFTC”) issued an additional extension of no-action relief for swaps executed as part of “package” transactions.  This relief provides additional time … Continue reading

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

CFTC Unanimously Approves Notice of Proposed Rulemaking on Regulation of Automated Trading

By Athena Eastwood, Isabelle Corbett, Neal Kumar, Jorge Pesok and Michael Selig On November 24, 2015, the Commodity Futures Trading Commission (“CFTC” or “Commission”) held an open meeting to propose the regulation of automated trading (“Regulation AT”).  According to the CFTC, the purpose of Regulation AT is to minimize the … Continue reading

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

CFTC Releases Swap Dealer De Minimis Report

By Athena Eastwood, Anthony Mansfield, Sohair Aguirre, Jonathan Flynn, Andrew Greenberg and Neal Kumar When the U.S. Commodity Futures Trading Commission (“CFTC” or the “Commission”) defined the activity that would require an entity to register as a swap dealer, it provided an exception for entities that engage in a volume of dealing … Continue reading

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

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

CFTC Issues Proposed Order to Exempt Certain SPP Transactions from Regulation Under Most Provisions of the CEA and CFTC Rules

By Paul Pantano, Sohair Aguirre and Lamiya Rahman On May 19, 2015, the Commodity Futures Trading Commission (“CFTC” or “Commission”) issued an order in response to an application from Southwest Power Pool, Inc. (“SPP”) proposing to exempt three categories of SPP transactions (“Covered … Continue reading

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

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

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