Page 16 - 期貨和衍生品行業(yè)監(jiān)管動(dòng)態(tài)(2024年9月刊)
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期貨和衍生品行業(yè)監(jiān)管動(dòng)態(tài)
CFTC Orders Swiss Energy Trader to Pay $48 Million for Attempted Market
Manipulation (2024/8/27)
The Commodity Futures Trading Commission today issued an order filing and
simultaneously settling charges against TOTSA TotalEnergies Trading SA, formerly
known as TOTSA Total Oil Trading SA (TOTSA), for attempting to manipulate the
market for EBOB-linked futures contracts in order to benefit its derivatives positions
in violation of the Commodity Exchange Act (CEA) and CFTC regulations. TOTSA is
not registered with the CFTC.
The order requires TOTSA to pay a $48 million civil monetary penalty and cease
and desist from violating the CEA and CFTC regulations.
“Benchmark manipulation is an age-old scheme firms have attempted in many
markets,” said Director of Enforcement Ian McGinley. “In numerous cases over the
past 20 years, the CFTC has guarded market integrity by detecting and prosecuting
these benchmark-related schemes. The scheme in this matter involved an attack on the
market integrity of CFTC-regulated futures contracts on gasoline, and this settlement
demonstrates such attacks will not be tolerated in any market.”
Case Background
According to the order, TOTSA attempted to manipulate the market for
EBOB-linked futures contracts. EBOB is a type of refined gasoline used primarily in
automobiles in Europe. A number of energy-trading companies, including TOTSA,
blend and sell EBOB gasoline. Futures contracts linked to the price of EBOB trade on
CFTC-regulated exchanges. The value of these financially-settled futures contracts is
determined based on a benchmark price for physical EBOB that is published by the
London-based price-reporting service Argus (Argus EBOB Benchmark). The Argus
EBOB Benchmark is based on brokered physical EBOB transactions that are reported
to Argus.
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