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Court rules FERC does not have authority to fine trader for manipulation of futures contracts

Katten Muchin Rosenman LLP
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USA
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March 22 2013

Pursuant to the Energy Policy Act of 2005, the Federal Energy Regulatory Commission (FERC) fined a natural gas trader $30 million for manipulating

CFTC issues FAQ on energy agreements

Katten Muchin Rosenman LLP
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USA
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November 16 2012

The Commodity Futures Trading Commission has responded to questions raised by market participants regarding whether such participants must classify physical commercial agreements for energy supply and consumption as “commodity options.”

President Obama issues statement on regulatory oversight of oil markets

Katten Muchin Rosenman LLP
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USA
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April 20 2012

On April 17, President Obama issued a statement calling for increased oversight of manipulation in oil markets

CFTC and FTC sign MOU regarding sharing of non-public information

Katten Muchin Rosenman LLP
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USA
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April 15 2011

The Commodity Futures Trading Commission and the Federal Trade Commission (FTC) have signed a Memorandum of Understanding (MOU) to facilitate the sharing of non-public information between the agencies in connection with investigations into possible market manipulation

Fifth Circuit finds that accurate reporting of manipulated prices is not fraud

Katten Muchin Rosenman LLP
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USA
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October 1 2010

The Fifth Circuit found that buyers of natural gas did not commit fraud by reporting artificially low sales prices to an industry index in order to reduce market prices

CFTC withdraws proposed energy position limits

Katten Muchin Rosenman LLP
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USA
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August 20 2010

The Commodity Futures Trading Commission has withdrawn its January proposal to establish federal speculative position limits for futures and option contracts on certain energy products

Commodities Exchange Act claim dismissed for failing to plead scienter

Katten Muchin Rosenman LLP
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USA
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July 2 2010

The U.S. Court of Appeals for the Fifth Circuit affirmed a district court’s dismissal of a putative class action brought by a group of natural gas futures and options contract traders under the Commodities Exchange Act (CEA

CFTC to consider whether ICE, NGX, CCX contracts perform significant price discovery function

Katten Muchin Rosenman LLP
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USA
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April 23 2010

The Commodity Futures Trading Commission has announced a public meeting, scheduled for April 27 at 9:30 a.m. EDT, to consider whether a number of contracts listed on the IntercontinentalExchange Inc. (ICE), the Natural Gas Exchange Inc. (NGX) and the Chicago Climate Exchange Inc. (CCX) should be designated as “significant price discovery contracts” (SPDCs) pursuant to Section 2(h)(7) of the Commodity Exchange Act and CFTC Rule 36.3

CFTC chairman testifies on OTC derivatives reform

Katten Muchin Rosenman LLP
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USA
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March 12 2010

Commodity Futures Trading Commission Chairman Gary Gensler spoke on March 9 before the Senate Committee on Energy and Natural Resources regarding the regulation of over-the-counter (OTC) derivatives, particularly with respect to energy markets

CFTC proposes position limits and exemptions for certain energy contracts

Katten Muchin Rosenman LLP
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USA
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January 15 2010

At an open meeting on January 14, the Commodity Futures Trading Commission voted 4 to 1 (Commissioner Sommers dissenting) to propose rule amendments that would establish federal speculative position limits for futures and options contracts on Henry Hub natural gas, light sweet crude oil (West Texas Intermediate), New York Harbor No. 2 heating oil, and New York Harbor gasoline blendstock