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FERC Audit Report Provides Guidance Regarding Reporting Of Uplift And Capacity Payments In Electric Quarterly Reports
  • Bracewell LLP
  • USA
  • October 21 2016

On October 14, 2016, the Federal Energy Regulatory Commission ("FERC") issued an order approving an audit report providing guidance regarding how to


Monthly futures exchange issuance report: October 2015
  • Bracewell LLP
  • USA
  • November 13 2015

October saw the first criminal conviction pursuant to Section 4c(a) for spoofing. A jury concluded that for approximately three months, an individual


Barclays motion to dismiss raises significant issues about FERC jurisdiction
  • Bracewell LLP
  • USA
  • January 6 2014

After an investigation of actions in the western electricity markets by Barclays Bank PLC ("Barclays"), Daniel Brin, Scott Connelly, Karen Levine


CFTC seeks input on Dodd-Frank implementation issues affecting energy end-users
  • Bracewell LLP
  • USA
  • April 1 2014

With most of its rules implementing the swap regulatory provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act ("Dodd-Frank") in


Second Circuit upholds CFTC enforcement action for manipulative trading of electricity contracts
  • Bracewell LLP
  • USA
  • November 17 2009

The United States Court of Appeals for the Second Circuit recently upheld a civil enforcement action by the U.S. Commodity Futures Trading Commission ("CFTC"), which found that a New York Mercantile Exchange broker "knowingly" manipulated settlement prices for electricity future contracts on behalf of Avista Energy, Inc. in 1998


CFTC finds two monthly Mid-C electricity contracts are SPDCs
  • Bracewell LLP
  • USA
  • 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


CFTC designates four additional electricity contracts as SPDCs
  • Bracewell LLP
  • USA
  • 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


Four RTO electricity contracts found to provide significant price discovery
  • Bracewell LLP
  • USA
  • 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 LLP
  • USA
  • 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


Administrative judge decision explores “subjective” parameters of unlawful market manipulation
  • Bracewell LLP
  • USA
  • 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