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Page 32 - 期貨和衍生品行業監管動態(2024年6月刊)
P. 32

期貨和衍生品行業監管動態




                        Case Background


                        Misappropriation of Material Nonpublic Information


                        The order finds that between 2014 and April 2019, directly and through

                   intermediaries, Trafigura improperly obtained nonpublic information material to the

                   gasoline market from an MTE employee in breach of the employer’s rules. Among

                   other things, Trafigura received MTE’s pricing formulas used to sell its physical

                   gasoline to another trading entity in Mexico, as well as the MTE’s monthly import

                   “program,” meaning the volumes, types, and destination ports for gasoline the MTE

                   planned to import in the next month. Trafigura also sometimes received competitor

                   pricing information in the context of bilateral negotiations. The MTE considered this

                   information confidential and material to its own business, while the information was

                   material to Trafigura’s trading and business decisions, such as its negotiation and

                   pricing strategies for gasoline products. Trafigura traders in Houston, Texas entered

                   into physical and derivative gasoline transactions while knowing this confidential

                   information.


                        Manipulative Conduct


                        The order further finds that Trafigura manipulated the benchmark price of U.S.


                   Gulf Coast high-sulfur fuel oil throughout the month of February 2017. From

                   approximately January to March 2017, Trafigura developed and deployed a large fuel

                   oil export program designed to export fuel oil from the U.S. Gulf Coast to Singapore

                   in order to profit from an observed open arbitrage for fuel oil. In connection with its

                   arbitrage strategy, Trafigura established a long derivative position in U.S. Gulf Coast

                   high-sulfur fuel oil, in part as an economic hedge for its anticipated purchases of

                   physical fuel oil to export to Singapore. However, the long derivative position

                   Trafigura entered was in excess of its short physical position that resulted from its

                   intent to buy fuel oil in the U.S. Gulf Coast for arbitrage—the excess essentially

                   constituting a long speculative bet on fuel oil prices in February 2017.



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