12 April 2011 17:34 [Source: ICIS news]
TORONTO (ICIS)--The US Commodity Futures Trading Commission (CFTC) and the US Federal Trade Commission (FTC) have agreed to share non-public information when conducting investigations on oil and gasoline markets, they said on Tuesday.
The memorandum of understanding between the regulators would help the FTC enforce its petroleum market manipulation rule, which prohibits fraudulent manipulation of US petroleum markets, and it would help the CFTC in pursuing manipulation in oil markets, they said.
“It is important for regulators to share information to be able to pursue market manipulation wherever it arises,” CFTC chairman Gary Gensler said.
FTC chairman Jon Leibowitz added: “With gasoline prices on the rise, we are committed to doing all we can to ensure that petroleum markets are competitive.”
The agencies said they will ensure that the confidentiality of non-public information is maintained.
Both theFTC and CFTC have the authority to take legal action to stop fraud-based manipulation of the petroleum markets.
In addition, the CFTC has exclusive jurisdiction to regulate exchanges and to clear organisations and intermediaries in the ?xml:namespace>
As reported by ICIS, the CFTC in recent years imposed financial penalties in a number cases involving trading irregularities, amid pressure from the US Congress and the chemical industry in particular to crack down on market manipulation.
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections