2008/5/30 ロイター
米ＣＦＴＣがエネルギー取引の監視強化、原油市場の調査も実施
米商品先物取引委員会（CFTC）は29日、エネルギー商品取引の監視を強化すると発表した。Index
Fundや英国で取引されている米原油先物商品の調査を行う。
昨年12月から原油市場に関する調査を進めていることも明らかにした。
米議会では、エネルギー商品の投機取引監視・取り締まりの強化をＣＦＴＣに求める声が強まっていた。
CFTCは、英金融サービス機構（FSA）、ICE Futures
Europe
と、エネルギー商品に関する情報共有を強化することで合意した。ニューヨーク、ロンドンで取引されている米国産標準油種（WTI）などが対象となる。
CFTCは「米エネルギー先物市場が適切に機能し、価格操作や不正行為のない市場にするため、重要な対策を講じる」との共同声明を発表した。
WTI取引の市場シェアは、CFTCが監督するNew York
Mercantile Exchange(NYMEX）が75%、 ICE Futures Europe が25%。
Caprock Risk Managementのシニアアナリスト、クリス・ジャルビズ氏は「グローバル経済にとっての原油市場の重要性を考慮すると、すべての主要取引所を監視することが、秩序ある市場の維持に極めて重要だ」と指摘した。
ただ、今回の対策の効果を疑問視する声も出ている。
あるブローカーは「ぱっと見たところ、うまく行くとは思えない。海外の市場参加者は、取引を複数の子会社に分散して取引制限を回避するといった対策を講じる可能性が高い」と述べた。
CFTCは昨年12月から、原油取引に関する全国調査を行っていることも明らかにした。通常、こうした取引は極秘で進められるが、「現在の市場が、前例のない状況にあるため」公開に踏み切ったと説明している。
May 29, 2008 CFTC
CFTC Announces Multiple Energy Market Initiatives
The U.S. Commodity Futures Trading Commission (CFTC or Commission) today announced a number of initiatives to increase transparency of the energy futures markets. The measures will expand the amount and quality of information received from energy traders to further the integrity and oversight of our nation's futures markets. The recent dramatic increases in the price of crude oil traded on futures exchanges make these efforts paramount. The implementation of today's measures will improve oversight of the energy futures markets to ensure they reflect fundamental economic forces of supply and demand, free of manipulation and fraud.
CFTC Acting Chairman Walt
Lukken and Commissioners Michael Dunn, Jill Sommers and Bart
Chilton said:
"All Americans are significantly affected by high energy
prices - whether it's paying more at the pump, or higher costs
for farmers and entrepreneurs. Today, the Commission is taking
important steps to ensure that the U.S. energy futures markets
function properly and operate free from manipulation and abuse.
With these initiatives, we are improving our oversight
capabilities and bringing greater sunshine to these
markets."
I. Expanded International Surveillance Information for Crude Oil Trading
The CFTC today announced that it has reached an agreement with the United Kingdom Financial Services Authority (FSA) and ICE(InterContinental Exchange) Futures Europe for expanded information-sharing for surveillance of energy commodity contracts with U.S. delivery points, including the West Texas Intermediate (WTI) crude oil futures contracts that trade on both the New York Mercantile Exchange (NYMEX) and ICE Futures Europe in London. While the ICE Futures Europe WTI contract is a cash-settled contract that does not require physical delivery of oil in the U.S., its price is linked to the settlement price of the NYMEX crude oil contract.
The Acting Chairman and
the Commissioners commented:
"The CFTC currently conducts surveillance of the crude oil
markets, in part, using detailed trading data provided by the FSA
pursuant to a 2006 information-sharing pact. The agreement
announced today will enhance the amount and quality of the
information the CFTC receives regarding crude oil trading in the
UK and will enhance the agency's already vigorous surveillance
activity."
The agreement includes:
1. Immediately implementing expanded information-sharing to
provide the CFTC with daily large trader positions in the UK WTI
crude oil contract;
2. Extending trader information sharing to provide crude oil large trader position data for all contract months in the WTI contract, not just the nearby months;
3. A near-term commitment to enhance trader information to permit more detailed identification of market end users;
4. A near-term commitment to provide improved data formatting so trading information can be seamlessly integrated into the CFTC's surveillance system; and
5. In addition to the established position management program that FSA currently requires of ICE Futures Europe, ICE Futures Europe will notify the CFTC when traders exceed position accountability levels, as established by U.S. designated contract markets, for WTI crude oil contracts.
Since 2006, the FSA has provided the CFTC weekly trader information, and daily information in the final trading week, to facilitate rigorous oversight of trading in related contracts on U.S. and U.K. derivatives exchanges - specifically, the linked WTI Crude Oil contracts traded on both NYMEX and ICE Futures Europe. Currently, the U.S. regulated futures exchange, NYMEX, maintains approximately 75 percent of the open interest of these futures contracts while the U.K. regulated futures exchange, ICE Futures Europe, has the remaining market share of approximately 25 percent.
Today's announced modifications will enhance and expand information sharing between the CFTC and FSA and their respective oversight of these markets. The CFTC recognizes and appreciates the FSA's cooperation in facilitating this improved and expanded information-sharing regime.
II. Increased Transparency of Trading in U.S. Energy Markets
Proper transparency is important for markets to function and for regulators to police the markets to prevent manipulation and abuse.
The Acting Chairman and
the Commissioners commented:
"As total contract volume on U.S. futures markets has
increased in recent years, all classes of market participants
have grown. However, index trading is relatively new to the
futures markets, and the Commission believes increased
transparency of such trading activity may help the CFTC determine
whether adjustments to trader reporting or classification are
required."
Accordingly, the Commission is taking the following steps to gather additional information from the energy futures markets:
1. Improve Transparency for Energy Markets Index Trading Activity: The Commission will use its existing Special Call authorities to immediately begin to require traders in the energy markets to provide the agency with monthly reports of their index trading to help the CFTC further identify the amount and impact of this type of trading in the markets.
2. Review of Trader Reporting and Classification: The Commission will develop a proposal to routinely require more detailed information from index traders and swaps dealers in the futures markets, and to review whether classification of these types of traders can be improved for regulatory and reporting purposes.
3. Examine Trading Practices for Index Traders: The Commission will review the trading practices for index traders in the futures markets to ensure that this type of trading activity is not adversely impacting the price discovery process, and to determine whether different practices should be employed.
III. Continuation of Ongoing CFTC Nationwide Crude Oil Investigation
In December of 2007, the agency's Division of Enforcement launched a nationwide crude oil investigation into practices surrounding the purchase, transportation, storage, and trading of crude oil and related derivative contracts. Although the Commission ordinarily conducts enforcement investigations on a confidential basis, the Commission is taking the extraordinary step of disclosing this investigation because of today's unprecedented market conditions. The specifics of the ongoing investigation remain confidential. All Commission enforcement inquiries are focused on ensuring that the markets are properly policed for manipulation and abusive practices.
The Acting Chairman and the Commissioners commented:
"In addition to the CFTC's ongoing examination of the role of fundamental economic forces and new investors in the recent commodity market price increases, the agency continues to pursue one of its primary missions ? to deter, detect, and punish futures market manipulation."