Regulation
UK power market investigation overshadowed by EMR
A Competition and Markets Authority (CMA) probe into the UK power market, which may result in a radical shake-up of the sector, is coming amid major changes to the industry under Electricity Market Reform. How the CMA reconciles this will be closely…
Commodity desks breathe sigh of relief over Volcker
US banks say their initial concerns over the Volcker rule of Dodd-Frank have turned to relief, as the rule's drafting allows them to continue making markets in commodity derivatives
Ercot ‘small fish' rule criticised amid CFTC probe
Amid consternation over the activities of GDF Suez Energy North America in the Texas power market and an investigation by the US Commodity Futures Trading Commission, some market participants are questioning the legal protection afforded to smaller…
UK electricity market likely to be hit by CMA probe
A shake-up of the UK power market is viewed as one likely outcome from a competition investigation into the country’s energy sector, but observers say the probe is being overshadowed by forthcoming regulatory reform
Power capacity conundrum has potential to turn sour
Differences between the EC and member states on capacity markets illustrate the struggle to co-ordinate EU energy policy and may point towards future battles
GDF Suez faces CFTC market manipulation probe
GDF Suez's bidding activities in the Texas power market have drawn the attention of the US Commodity Futures Trading Commission, sources say
Commodity firms need a coping strategy for Mifid II
The recent agreement between EU institutions on a second wave of Mifid legislation will only increase the current level of uncertainty shaking the commodity market. Amid this backdrop, participants need to reconsider their coping strategies, argues…
EU consultation provokes debate on future of energy market
On June 16, the Agency for the Cooperation of Energy Regulators closed a consultation on the future of the EU energy market. The document’s wide-ranging proposals have been met with a mixed reaction from regulators and market participants. Gillian Carr…
Energy firms use high-tech tools to avert manipulation fines
As regulators tighten their scrutiny of commodities trading and impose costly penalties for market manipulation, energy firms are stepping up investment in trade surveillance. But properly implementing trade surveillance systems in commodity markets is…
CFTC position limits rule blasted by commodity merchants
Vitol, Louis Dreyfus and other commodity trading firms say the proposed bona fide hedge exemptions in the CFTC's revived position limits rule are too narrow and discriminate against merchants
Derivatives dealer rule worries Canadian energy firms
Companies such as Suncor and TransAlta fear 'huge' costs if they are obliged to register as derivatives dealers and clear all their trades under new rules being considered by Canadian regulators
Ethics and moral standards are as crucial to finance as ever
Despite the twists and turns of history, some things remain the same – an important lesson that can be found in the work of Émile Zola. His novel L’Argent shows how an erosion of moral standards can be lethal to individuals, the institutions they run,…
UK Electricity Market Reform welcomed by energy chiefs
Energy executives welcome the UK government's Electricity Market Reform at a conference in London, despite some differences between speakers on the finer details and likely future of the legislation
Mexican energy regulator looks ahead to greater integration with US
Mexico’s programme of energy market reform will lead to greater integration between the north of the country and neighbouring US states, such as Texas and California, says energy regulator in an exclusive video
Dodd-Frank swap dealer rules tricky, says Cargill compliance head
A lack of guidance on the swap dealer provisions of the US Dodd-Frank Act is turning compliance into a guessing game for swap dealers such as Cargill Risk Management, suggests the firm's chief compliance officer in a video interview
UK competition probe will 'rebuild trust' says EDF Energy chief
Vincent de Rivaz, the chief executive of supplier EDF Energy, says he supports a proposal by Ofgem to refer the UK energy market to the Competition and Markets Authority
Consultancy of the Year: Baringa Partners
Baringa Partners continues to carry out valued work with top-flight clients in energy and is also proving successful at breaking into the broader commodity trading sector
Base Metals House of the Year: BNP Paribas
BNP Paribas’s base metals franchise has been shielded from the ill effects of regulatory change and bearish markets, thanks in part to strong client relationships
Energy firms ponder Mifid exemptions and position limits
A consultation by the European Securities and Markets Authority is being closely scrutinised for answers on how a revamped Markets in Financial Instruments Directive will affect commodity trading companies
CFTC eases Dodd-Frank burden on energy companies
In the wake of industry criticism, the US Commodity Futures Trading Commission is taking steps to relax position limits and accommodate the concerns of public utilities in its implementation of the Dodd-Frank Act
CFTC accord bolsters Ferc drive to catch manipulation
Memorandum of Understanding with US Commodity Futures Trading Commission on information sharing has been "extremely useful" for energy regulator, says Federal Energy Regulatory Commission's deputy director of surveillance
Cargill reveals 'struggle' with Dodd-Frank swap dealer rules
Non-financial firms face huge hurdles to comply with Dodd-Frank swap dealer rules, says chief compliance officer for Cargill Risk Management
More work required on Remit reporting, firms say
Back-loading, self-reporting and non-standard trades continue to pose major obstacles to compliance with Remit, say energy trading firms
Banks counter Fed worries on physical commodities
Goldman Sachs and Morgan Stanley stress public benefits of allowing banks to trade physical commodities, while downplaying fears of catastrophic risk