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Catch up – Traders found guilty, REMIT Quarterly and more

This blog has returned after an unexpected break.

Last week, two senior traders, formerly of JP Morgan were found guilty of several offences relating to spoofing in precious metals futures between 2008 and 2016. There have already been large fines issued for this activity (see here). Sentencing has not yet taken place. The press release from the DoJ is here. In addition, a suit by a hedge fund manager and two commodity traders against JP Morgan relating to the activity was settled, as reported here on CNBC.

ACER recently issued the latest edition of the REMIT Quarterly newsletter, which can be found here. In addition to the “usual” statistics, there is an article on a market manipulation fine in Germany last year (see here), one on reporting data fields that cause issues and also an article on the use of Inside Information Platforms. The date of the “REMIT Forum” is confirmed as being on 25th October.

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A market design proposal for the EU electricity markets has been submitted to the Council of Europe by the Greek delegation. It proposes a separate price for renewables compared to “generate on demand” generation, supported by a series of CFDs and other arrangements. The proposal can be found here. There has been a great deal of push back on this proposal, for example in this reaction found on the EURACTIV site: