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On October 15, 2015, the Federal Energy Regulatory Commission issued an order clarifying that the exemption from the buy/sell prohibition applies to supply side natural gas asset management agreements. This clarification is important for both holders of interstate capacity and asset managers and should provide more flexibility for parties to structure their transactions.  Norton Rose Fulbright US LLP has issued an alert on the order that contains more information on its implications.…
This morning, in response to discussions with the Commodity Futures Trading Commission, the CME made minor modifications to three of the Questions and Answers in the CME advisory related to new Rule 575  prohibiting certain disruptive trade practices.  The modifications, which the CME describes as “not substantive” are as follows: “The addition of ‘the number of orders’ to the list of factors Market Regulation will consider when assessing whether conduct violates Rule 575 in the…
CME Rule 575, codifying types of disruptive order entry and trading practices is effective today. Our September 8, 2014 blog post discusses the new rule and a related CME advisory. Last week, CME’s Chief Regulatory Officer, Global Head of Enforcement and Global Head of Investigations provided an outreach webinar on the new rule hosted by the Futures Industry Association (CME Webinar Slide Deck). During the webinar, CME staff stressed that it will be…
In the most recent exercise of the Commodity Futures Trading Commission’s expanded enforcement authority under the Dodd-Frank Act, the CFTC filed a Complaint against attorney Jay Bruce Grossman claiming that Grossman aided the fraud of Hunter Wise Commodities and various dealers and intermediaries. The CFTC further asserts that Grossman aided and abetted his clients in entering into retail commodity transactions that were required to be exchange-traded. The complaint alleges that since Grossman “aided, abetted, counseled, commanded,…