US CFTC fines Swiss bank for natgas, oil trading violations

24 February 2010 18:50  [Source: ICIS news]

TORONTO (ICIS news)--The US Commodity Futures Trading Commission (CFTC) has imposed a $130,000 (€96,200) penalty on Swiss bank UBS for exceeding NYMEX position limits on certain natural gas, heating oil and platinum futures contracts, it said on Wednesday.

UBS was also ordered to cease and desist from further such violations of the US Commodity Exchange Act, the commodities trading regulator said.

The bank had on more than one occasion between December 2006 and March 2008 exceeded position limits set under NYMEX rules, it said.

Last month, the CFTC said that three Canada-based traders each paid $250,000 to settle charges over pre-arranged trading in NYMEX natural gas futures in 2006.

The CFTC has levied fines to settle dozens of cases involving irregular energy market trading in the last few years, amid pressure from the US Congress, the chemical industry and others to rein in market manipulation.

A spokesperson from the USB offices in New York declined to comment.

($1 = €0.74)

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By: Stefan Baumgarten
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