U.K. Regulator Fines Engie Global Markets For Market Manipulation
05 Settembre 2019 - 11:34AM
Dow Jones News
By Kim Richters
Ofgem has fined energy trading platform Engie Global Markets
around 2.1 million pounds ($2.6 million) for market manipulation,
the U.K. energy regulator said Thursday.
Ofgem said that one of the platform's traders had manipulated
wholesale gas prices between June and August 2016 to increase
trading profits, adding that the trader had engaged in a type of
market manipulation called spoofing.
Engie Global Markets is a wholly-owned subsidiary of France's
energy company Engie SA (ENGI.FR).
"In November 2016, a market participant alerted Ofgem to
suspicious activity on the wholesale gas market for Great Britain,"
Ofgem said in a statement.
The regulator said "it considers that the company failed to take
appropriate measures to prevent or detect the breach from
happening." Ofgem had found no evidence of more widespread market
manipulation.
The company fully cooperated with the regulator's investigation
and had taken measures like increasing surveillance of trading
activity, Ofgem said.
Write to Kim Richters at kim.richters@wsj.com
(END) Dow Jones Newswires
September 05, 2019 05:19 ET (09:19 GMT)
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