Commodity Futures Trading Commission (CFTC)
Industry veteran quits CFTC
Jane Kang Thorpe, director of the division of clearing and oversight of the Commodity Futures Trading Commission (CFTC), will leave the US regulator later this month. She leaves to take up a post as general counsel for the Dubai Regional Exchange (DRI).
US Senate rejects energy derivatives legislation
The US Senate yesterday voted down proposed legislation that sought to impose tighter controls over energy derivatives trading.
Schwarzenegger promises market-based energy programme
Arnold Schwarzenegger, newly elected governor of California, has vowed to use market-based approaches to address the state's ailing wholesale energy markets.
Eyeing the pricing
Natural Gas
CFTC to sue AEP over false gas trades
Ohio-based utility American Electric Power (AEP) has been charged with reporting 2,800 false natural gas trades to energy price index companies, such as Platts, and attempting to manipulate natural gas prices. The charges, levied by the US Commodity…
Ferc calls for risk manager vigilance
The director of the office of market oversight and investigations (OMOI) at theUS Federal Energy Regulatory Commission (Ferc), has urged energy risk managersto alert his office to any suspicious market practices.
CFTC moves to force Platts to divulge trade data documents
The US Commodity Futures Trading Commission (CFTC) has filed an application to enforce compliance with two document subpoenas issued to global publisher McGraw-Hill Companies, as part of its ongoing investigation of corrupt energy trading practices. The…
Enron charged with gas and broadband manipulation
The US Commodity Futures Trading Commission (CFTC) yesterday finally charged bankrupt energy trader Enron and a former company vice-president with manipulating natural gas prices. Also yesterday, federal authorities arrested on fraud charges two Enron…
Senators move to establish stronger federal oversight of energy markets
A group of US senators yesterday introduced legislation, called the Energy Market Oversight Act, that seeks to restore the Commodity Futures Trading Commission’s (CFTC) authority over online and bilateral energy trades and give the Federal Energy…
Feinstein asks CFTC to investigate gas pricing manipulation
Dianne Feinstein, the Democrat senator for California, yesterday urged the Commodity Futures Trading Commission (CFTC) to work with the Federal Energy Regulatory Commission (FERC) to investigate whether there has been manipulation of the US natural gas…
No place for government in energy price reporting or clearing, says Ferc head
Pat Wood, chairman of the US Federal Energy Commission (Ferc), has said he does not believe regulatory agencies should be involved in compiling energy price reporting. He also said the government has no place in suggesting that energy merchants should…
Ice opens doors to futures exchange traders
Atlanta-based commodities exchange IntercontinentalExchange (Ice) has received approval from the US Commodity Futures Trading Commission (CFTC) permitting registered traders and locals with floor or electronic trading privileges on any regulated US…
CFTC announces authorisation of NFA responsibilities
The US Commodity Futures Trading Commission (CFTC) Division of Clearing and Intermediary Oversight yesterday authorised the National Futures Association (NFA) to conduct reviews of annual financial reports filed with the Commission by commodity pool…
Daniel Roth steps up to become NFA president
Daniel Roth has been named as the new president and chief executive of the Chicago-based National Futures Association (NFA), effective January 1, 2003. He replaces Robert Wilmouth, NFA's president since its inception in 1982. Wilmouth will remain at the…
Ice addresses energy trading market concerns with two new hires
Atlanta-based online commodities exchange IntercontinentalExchange (Ice), has appointed two new directors as part of its plans to address concerns about the health and legitimacy of the energy trading markets. Ann Cresce has been appointed assistant…
Ferc unable to regulate OTC derivatives, admits own official
Charles Whitmore, special assistant in the office of market oversight at the Federal Energy Regulatory Commission (Ferc), told an EPRM enterprise-wide risk management conference in Houston, Texas, yesterday, that he did not think the Ferc was capable of…
Top regulators denounce attempt to resurrect OTC energy bill
The four most senior financial regulators in the United States have joined forces to express concern at legislative proposals to expand regulation of over-the-counter energy derivatives.
Isda worried about OTC regulation threats
The International Swaps and Derivatives Association is still voicing concern about attempts by US Californian Democrat senator Dianne Feinstein to regulate the energy and commodity derivatives market.
CFTC uncovers more forex fraud
The Commodity Futures Trading Commission (CFTC) last week charged two New York-based foreign currency firms and two of their senior employees with fraudulently soliciting more than $15 million for illegal off-exchange forex futures contracts.