Overview

As long as commodity and securities markets have been in operation, market manipulation has been a serious concern. Now that many electricity and natural gas markets have been opened to competition, manipulation threatens to destroy the value of these markets as well. Yet market manipulation itself remains ill-defined, with uncertain legal and economic principles operating on both sides of regulatory proceedings. Andrew N. Kleit's Modern Energy Market Manipulation offers an in-depth exploration of this crucial gray area. It presents a coherent definition of market manipulation, and drawing upon the substantial available legal evidence, it examines two categories of manipulation cases: those in which the allegations clearly fit the definition of manipulation but in which the facts of the case are unclear, and conversely, those in which the facts of the case are clear but in which it is uncertain whether they actually constitute manipulation. Throughout his discussions, Professor Kleit casts a critical eye not only on energy companies but also on the legal decisions and processes at the Federal Energy Regulatory Commission, which acts as both prosecutor and judge in manipulation matters, and which has consistently sided with its own staff and against defendants. As this book deftly shows, both defendants and prosecutors alike have benefitted from the ambiguities at the heart of existing definitions of market manipulation. Modern Energy Market Manipulation is essential reading for regulators, jurists, litigants, and business managers, and it is of interest to anyone who wants to learn about the enforcement mechanisms of federal regulators.

Full Product Details

Author:   Andrew N. Kleit (Pennsylvania State University, USA)
Publisher:   Emerald Publishing Limited
Imprint:   Emerald Publishing Limited
Weight:   0.425kg
ISBN:  

9781787433861

ISBN 10:   1787433862
Pages:   240
Publication Date:   15 November 2018
Audience:   Professional and scholarly ,  Professional & Vocational
Format:   Hardback
Publisher's Status:   Active
Availability:   In Print  
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Table of Contents

Chapter 1. What is Manipulation? What is Not Manipulation? Chapter 2. Theories of Manipulation Chapter 3. Some Historical Manipulation Cases, or Understanding Why the Hunt Brothers Did Not Manipulate the Silver Market Chapter 4. DiPlacido: The CFTC Confuses Manipulation and Hedging  Chapter 5. Introduction to Electricity Markets Chapter 6. Were California's Electricity Markets Manipulated, and by Whom? Chapter 7. Deutsche Bank: What Should the Legal Rule for Trading Financial Transmission Rights Be? Chapter 8. Amaranth and Brian Hunter: You Certainly Look Guilty Chapter 9. BP America: Let the Best Story Win! Chapter 10. Barclays: The Defendant Meets Mr. Kafka Chapter 11. Rumford and Silkman: Money for Nothing, Kicks for Free Chapter 12. Powhatan: What is Manipulation? Chapter 13. Some Final Thoughts

Reviews

The author examines modern energy market manipulation. He addresses the relevant financial issues and definition of manipulation; the basic economics of manipulation; relevant historical cases; the DiPlacido case; the basic structure of restructured electricity markets; and specific energy manipulation cases of the Federal Energy Regulatory Commission, involving the manipulation of California's electricity markets, the Deutsche Bank case, Amaranth and Brian Hunter, the BP America case, the Barclays case, Rumford and Silkman, and Powhatan. -- Annotation ©2018 * (protoview.com) *

The author examines modern energy market manipulation. He addresses the relevant financial issues and definition of manipulation; the basic economics of manipulation; relevant historical cases; the DiPlacido case; the basic structure of restructured electricity markets; and specific energy manipulation cases of the Federal Energy Regulatory Commission, involving the manipulation of California's electricity markets, the Deutsche Bank case, Amaranth and Brian Hunter, the BP America case, the Barclays case, Rumford and Silkman, and Powhatan.--Annotation (c)2018 (protoview.com)

Author Information

Andrew N. Kleit is Professor of Energy and Environmental Economics and MICASU Faculty Fellow at the Pennsylvania State University. With a Ph.D. in Economics from Yale University, Professor Kleit is the author of over 70 refereed academic articles, focusing in the areas of energy regulation and antitrust. He is also the editor of two previous books about electricity markets. Professor Kleit has extensive government service, having worked at President's Council of Economic Advisors, the Federal Trade Commission, the Canadian Competition Bureau, the Commodity Futures Trading Commission and the Federal Energy Regulatory Commission.

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