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July 28, 2015
Shaun Ledgerwood to Chair Panel on Analysis of Market Manipulation at EUCI FTR Conference

Brattle principal Shaun Ledgerwood will chair a panel titled, “What Trading Organizations Can Do to Proactively Manage Swaps Manipulation Risks” at EUCI’s Conference on Financial Transmission Rights, to take place on Tuesday, July 28, 2015 at the Key Bridge Marriott in Washington, DC. The panel will focus on compliance issues surrounding physical and financial trading in wholesale electricity markets, with an emphasis on understanding perspectives the Federal Energy Regulatory Commission (FERC) and Commodity Futures Trading Commission (CFTC) use in evaluating potentially manipulative trading behavior.

The panel will consist of: David Applebaum, Acting Director – Division of Investigations, FERC; Matthew Hunter, Deputy Director – Division of Market Oversight—Surveillance Branch, CFTC; and John Estes, Partner, Skadden, Arps, Slate, Meagher & Flom LLP.

The panel will address several questions relevant to the industry, including:

  • Are the compliance requirements associated with the FERC’s and CFTC’s manipulation rules different? If so, how?
  • Should traders abstain from profit-seeking (i.e., potentially losing) transactions that could set prices if they hold financial instruments that may tie to those prices?
  • Is potential lost liquidity resulting from profit-seeking trades that are not pursued due to fear of agency inquiries of concern?
  • Should firms invest in internal surveillance systems designed to proactively screen for and detect problematic trading?
  • Is there any clarity that can be provided concerning the behavior the agencies will consider de facto legitimate?

For more information, or to register, please visit the event website.