Antitrust/Competition / Energy Antitrust and Regulation
Energy Market Trading and Market Manipulation
Overview
Engagements
Publications

Brattle is an industry leader in the detection, analysis, and refutation (or confirmation) of manipulative behavior in energy, commodity, financial, and securities markets. We provide analytical support related to internal and government investigations of suspicious behavior and provide associated expert testimony relating to the defense against, and support of, government enforcement actions and related civil litigation.

We advise and assist clients in the U.S. and EU with the implementation of compliance programs and development of internal surveillance systems. We also assist international government agencies in the establishment of market monitoring and enforcement regimes. Brattle’s energy and finance professionals combine to provide deep expertise in the regulatory and physical dimensions of commodities, securities, and financial markets, with a thorough understanding of the use of derivatives and other hedging practices used in broader portfolio management.

Our approach to the analysis of manipulation claims is based on a logical framework that is used to evaluate behavior in a manner that is consistent with the methods used in agency enforcement actions. This approach allows us to deconstruct trading portfolios to confirm or refute manipulative activity such as uneconomic trading and fraud, as well as to distinguish legitimate trading practices like hedging from speculative positions that could benefit from manipulation.

We are well-versed in the anti-manipulation rules of the Federal Energy Regulatory Commission (FERC), Commodity Futures Trading Commission (CFTC), Securities and Exchange Commission (SEC), and Federal Trade Commission (FTC), as well as equivalent rules in place in the European Union (REMIT, MAD). We have also worked on manipulation cases brought pursuant to state laws or actions by the U.S. Department of Justice.

Report
Building an Effective Trade Surveillance System: A Framework-Based Approach using Guidance from Two Recent FERC White Papers
March 2017
Published by The Brattle Group, Inc.

The whitepaper outlines a cost-effective, learning-driven approach for companies to develop in-house trade surveillance systems to analyze potentially manipulative behavior.