For Release: June 13, 2008
U.S. Commodity Futures Trading Commission Held its Second International Manipulation Enforcement Conference, June 11-12, 2008
WASHINGTON, DC – The U.S. Commodity Futures Trading Commission (CFTC) this week hosted its second international enforcement conference and this year focused on global trading in the energy markets (see CFTC Press Release 5506-08).
Senior enforcement officials from 10 countries, representing 11 regulators around the world participated in the CFTC’s two-day conference to share their respective observations of global trends in energy markets with the goal of enhancing the ability of the CFTC and its fellow regulators to detect and deter misconduct affecting commodity prices in the energy sector.
The CFTC’s Director of the Division of Enforcement, Gregory Mocek, said:
“The CFTC recently announced a number of initiatives to enrich data and increase transparency of the energy and agriculture markets, both domestic and international. The agency also confirmed ongoing investigations in the crude oil and cotton markets. Rising energy prices and the resulting scrutiny of the markets only increase the need and urgency for increased international dialogue and cooperation. As a result, I view this conference as another powerful tool in developing international regulatory networks to combat potential manipulation in the domestic and global energy markets.”
The program included industry experts, regulators from around the globe and academics, who discussed topics ranging from crude oil and derivative products, to the emerging emissions and liquid natural gas markets.
The CFTC, in its role as a world leader in investigating and prosecuting manipulative activity in all derivatives markets, presented its proactive investigative techniques that have proved successful in its manipulation cases. Conference participants shared intelligence concerning market surveillance, investigations of manipulation and other market abuse, prosecutions and available remedies to deter manipulation.
Conference attendees confirmed the overwhelming consensus from last year that it is essential to continue the ongoing dialogue to ensure that the international regulatory community can work collectively to combat commodity market manipulation and other market abuses, and to share information and expertise. The conference and the CFTC’s related energy market initiatives reflect its continued efforts to work with fellow regulators to enhance oversight of the energy futures markets worldwide.
R. David Gary
Last Updated: June 13, 2008