More REMIT fines
The end of last week saw some REMIT fine announcements squeezed in before the end of the year:
Two fines have been issued to two companies in Spain for “quote stuffing” in the D+1 electricity market. Both cases involve algorithmic trading, with a large number of orders placed. These overwhelmed the book for cross border activity with |France and prevented others from accessing the book. Fines of 6M and 1.5M EUR have been issued with press releases from the CNMC here and here and decision notices here and here.
In Bulgaria 4 fines were fined a total of over 110,000 lev (approx 56k EUR) for failures to disclose Inside Information and also an associated offence in one case of not updating the CEREMP record with the location of Inside Information disclosure. The notice can be found here.