whoops....
I wonder how much dock space there is for all those tankers circling in the Gulf off Houston.
U.S. CFTC to announce "major" enforcement action
Tue Jul 24, 2007 7:23PM EDT
By Tom Doggett
WASHINGTON, July 24 (Reuters) - The U.S. Commodity Futures Trading Commission said late on Tuesday that it will hold a telephone conference call with reporters on Wednesday morning to provide details on a significant enforcement case it will file related to illegal trading activity.
CFTC Enforcement Director Gregory Mocek has scheduled a call for 10 a.m. EDT (1400 GMT) "to announce the filing of a major CFTC enforcement action," the agency said in a statement.
The CFTC provided no details on the case or the names of any individuals or entities that would be named with wrongdoing. A CFTC spokeswoman declined to comment on the matter.
The CFTC fully regulates U.S. futures and options exchanges like the New York Mercantile Exchange (NYMEX) and the Chicago Mercantile Exchange. The agency also has policing authority in unregulated markets where commodities are bought and sold.
CFTC Acting Chairman Walter Lukken testified at a congressional hearing two weeks ago that the agency was investigating instances of possible manipulation in U.S. energy markets.
He said the CFTC had "evidence of manipulation" by about 100 individuals and entities, but the agency was still trying to build those cases.
The possible manipulation occurred on regulated exchanges like NYMEX (NMX.N: Quote, Profile, Research), in exempt markets like the Atlanta-based IntercontinentalExchange (ICE.N: Quote, Profile, Research) and in the broad over-counter-market where investors and commercial entities enter agreements to buy and sell energy products among themselves, Lukken said.
Lukken did not provide lawmakers with any names. British oil major BP Plc (BP.L: Quote, Profile, Research) said in December 2006 that the agency was investigating it for alleged manipulation in gasoline markets. The company also said CFTC was investigating its oil storage in the U.S.
CFTC has also said it was investigating the natural gas trading of failed hedge fund Amaranth Advisors.
Lukken said more than half of the manipulation investigations that the agency's enforcement staff begins are eventually closed with no charges filed.
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