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Administrative judge decision explores “subjective” parameters of unlawful market manipulation

Bracewell & Giuliani LLP
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USA
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February 10 2010

Wending its way to FERC on exception (appeal) is Administrative Judge Carmen Cintron's January 22 initial decision finding that lead natural gas trader for hedge fund Amaranth Advisors, Brian Hunter, manipulated the price of New York Mercantile Exchange (NYMEX) natural gas futures contracts in order increase earnings on futures look-alike contracts (primarily swaps) that Amaranth concurrently held on the largely unregulated exchanges, Intercontinental Exchange (ICE) and Clearport, or over-the-counter (OTC

CFTC designates four additional electricity contracts as SPDCs

Bracewell & Giuliani LLP
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USA
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July 22 2010

The Commodity Futures Trading Commission (CFTC) issued two orders on July 9, 2010, designating four monthly electricity contracts as Significant Price Discovery Contracts (SPDC) pursuant to section 2(h)(7) of the Commodity Exchange Act (CEA

For the first time, a court sanctions disgorgement remedy for Sherman Act violation

Bracewell & Giuliani LLP
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USA
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February 9 2011

On February 2, 2011, the United States District Court for the Southern District of New York entered a Final Judgment relating to a settlement reached with KeySpan Corporation ("KeySpan") of a Department of Justice ("DOJ") Complaint regarding certain activity allegedly engaged in by KeySpan in the electric generating capacity markets in New York City (the "Order"

Enforcement authority under the Commodities Exchange Act undercut by US v. Radley

Bracewell & Giuliani LLP
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USA
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September 23 2009

On September 17, 2009, the U.S. District Court for the Southern District of Texas dismissed a twenty-six count indictment brought by the Commodity Futures Trading Commission ("CFTC") and U.S. Department of Justice ("DOJ") against four former BP employees for allegedly attempting to manipulate the Texas Eastern Transmission Corporation ("TET") propane market in 2004

Force majeure provisions in power purchase agreements

Bracewell & Giuliani LLP
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USA
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May 4 2009

Recently Energy Risk magazine featured an article regarding "Force Majeure Provisions for Power Contracts."

CFTC fines ConAgra $12 million, two commissioners dissent

Bracewell & Giuliani LLP
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USA
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August 25 2010

On August 16, 2010, the Commodity Futures Trading Commission issued an order approving a settlement resolving allegations that ConAgra Trade Group, Inc.caused a non-bona fide price to be reported for the NYMEX spot month crude oil futures contract in violation of the Commodity Exchange Act

CFTC designates seven ICE natural gas contracts as "significant price discovery contracts," subjecting them to regulatory oversight

Bracewell & Giuliani LLP
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USA
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April 27 2010

The Commodity Futures Trading Commission (CFTC) voted unanimously on April 27 to designate seven natural gas contracts traded on Intercontinental Exchange Inc. (ICE) as "significant price discovery contracts," or SPDCs

CFTC finds two monthly Mid-C electricity contracts are SPDCs

Bracewell & Giuliani LLP
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USA
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July 15 2010

On June 25, 2010, the Commodity Futures Trading Commission (CFTC) issued orders addressing four contracts under its authority under Section 2(h)(7) of the Commodity Exchange Act (CEA) to designate contracts, agreements or transactions as performing a significant price discovery function

Four RTO electricity contracts found to provide significant price discovery

Bracewell & Giuliani LLP
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USA
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July 23 2010

After designating two bilateral Mid-Columbia (Mid-C) electricity contracts traded on the Intercontinental Exchange (ICE) as significant price discovery contracts (SPDC), the Commodity Futures Trading Commission (CFTC), in July 9th orders, designated four additional ICE electricity contracts used in organized Regional Transmission Organization (RTO) markets as SPDCs

Monthly Mid-C electricity contracts found to provide significant price discovery

Bracewell & Giuliani LLP
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USA
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July 23 2010

In June 25th Orders, the Commodity Futures Trading Commission (CFTC) for the first time designated two monthly electricity contracts traded at the Mid-Columbia (Mid-C) hub on the Intercontinental Exchange (ICE) - the Mid-C Financial Peak (MDC) and Mid-C Financial Off-Peak (OMC) - as significant price discovery contracts (SPDC) under 2(h)(7) of the Commodity Exchange Act (CEA