Page 145 - 《期货和衍生品行业监管动态》（2022年合集）

期货和衍生品行业监管动态

counterparties, harmed other market participants, and undermined the integrity of the
U.S. and global physical and derivatives oil markets. Platts physical oil benchmarks,

including those that were the subject of Glencore’s manipulative conduct, serve as

price benchmarks for end-users and market participants, and are incorporated as

reference prices for the settlement of numerous derivatives.

“When individuals and entities seek to disrupt the reliability of benchmarks, they

interfere with the proper functioning of the markets that directly impact consumers,”

said Chairman Rostin Behnam. “Without question, manipulating oil markets can drive

up the cost Americans pay at the pump or to heat their homes. And today my message

to the markets is clear: the CFTC will continue to pursue even the slightest hint of

manipulative, corrupt, or fraudulent behavior.”

Acting Director of Enforcement Gretchen Lowe commented, “Today’s
enforcement action demonstrates that the CFTC will work with its enforcement

partners around the world to ensure that the U.S. markets operate free of manipulation
and corruption, and the CFTC will impose substantial and robust sanctions against

those market participants who engage in such conduct.”

The order finds that from as early as 2007 through at least 2018, Glencore sought

to increase profits from its physical and derivatives oil products trading by

manipulating or attempting to manipulate U.S. price-assessment benchmarks relating

to physical fuel oil products, and related futures and swaps, in order to benefit

Glencore’s trading positions. As stated in the order, Glencore personnel engaged in

this conduct with the specific intent to manipulate the price of fuel oil products in

interstate commerce and to create artificial prices, and could and at times did create

artificial prices. Glencore engaged in this scheme on hundreds of days in order to

manipulate Platts price assessments connected to four fuel oil products, and associated

derivatives, in three different United States geographic markets.

The order further finds that Glencore’s conduct also involved fraud and corrupt
payments (e.g., bribes and kickbacks) to employees and agents of certain state-owned

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