FERC stands its ground on jurisdiction over Hunter's gas futures market deals

摘要

FERC last week reiterated that it has jurisdiction over the natural gas futures trades of former Amaranth Advisors trader Brian Hunter and said the record $30 million fine it levied for his alleged manipulation of the NYMEX contract is well below what the law allows.In a brief filed with the DC Circuit Court of Appeals, FERC stood firm on its contention that the update of the Natural Gas Act in the Energy Policy Act of 2005 gave it authority to regulate all trades that affect the price of physical gas. As it has before, the commission argued that the closing price of each month's NYMEX futures contract directly affects the indexed price of physical gas sold.