For Release: June 5, 2008
Washington, DC - Senior enforcement officials from around the world with responsibility for prosecuting manipulative conduct affecting prices of energy commodities and derivatives are gathering for two days in Washington, DC for the Commodity Futures Trading Commission’s (CFTC) second annual international manipulation conference. In light of recent increases in prices in today’s energy markets, and the multiple energy market initiatives recently announced by the CFTC (Release: 5503-08), this year’s conference will focus on global trading in the energy markets. The meeting is open only to regulators.
“In this time of rising energy prices and increasing cross-border and cross-market activity in the commodity markets, it is essential that international regulators coordinate to ensure that they are working as efficiently and effectively as possible to detect and deter manipulation in the global energy markets. Since no global regulator exists, it is critical that the international sister agencies continue cooperation and coordination to ensure market integrity.” said CFTC Director of Enforcement Gregory Mocek.
The June 11-12 market manipulation conference brings together international regulators to share their experiences and observations of trends and successful techniques used to detect, deter and prosecute illegal activity. The conference and the related energy market initiatives reflect the CFTC’s continued efforts to work with fellow regulators to enhance oversight of the energy futures markets worldwide.
This year’s event is a follow-up to the highly-successful enforcement conference hosted by the CFTC’s Division of Enforcement in October 2007 (Release: 5400-07). At the end of last year’s event, participants agreed that future meetings were essential to continue discussion on how the international regulatory community could work collectively to combat commodity market manipulation and other market abuses, and to share information and expertise. Through these discussions the CFTC seeks to ensure that commodity markets are receiving adequate attention by regulators worldwide to effectively detect and deter manipulation and other market abuse that may affect energy prices.
R. David Gary
Last Updated: June 5, 2008