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Challenge in UK wholesale markets – assessing the next decade of risk
A dive into the FMSB’s findings on wholesale markets: changes to market participation, trade execution electronification, new asset classes, and shifting geography markets.
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Spanish regulator fines Enet Energy €1m for gas market manipulation attempt
CNMC reminds us that even an attempt to manipulate is a breach of REMIT. We compare the case with recent fines and look at ACER guidance on market manipulation.
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ACER updates REMIT Q&As to reflect regulatory revisions
Notable changes include: new obligations for third-country market participants; order book reporting by organised marketplaces; and expansion of REMIT’s scope.
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Gesternova S.A. fined €6m and Axpo Iberia fined €1.5m for electricity market manipulation
The Spanish energy regulator found that the companies had manipulated the market by giving false or misleading statements aka “quote stuffing”.
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Enérgya VM Gestión de Energía fined €1m for gas market manipulation
The Spanish energy regulator found that the company had artificially set the price of gas in trading sessions.
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EU moves to stop manipulation of wholesale energy market
New law aims to protect against market manipulation and reinforce market surveillance.
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FCA week in review February 26 – 29, 2024
News of a new enforcement strategy was the big story of the week.
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NAO wants a quicker, clearer FCA but is the critique fair?
NAO review criticises sluggish and opaque FCA, but wider questions also need to be taken into account.