Aug 27 (Reuters) - The U.S. commodity markets regulator
on Tuesday ordered the Swiss energy trader TOTSA TotalEnergies
Trading SA to pay a $48 million fine, alleging that the company
had attempted to manipulate the market for European benchmark
gasoline futures.
"The scheme in this matter involved an attack on the market
integrity of CFTC-regulated futures contracts on gasoline, and
this settlement demonstrates such attacks will not be tolerated
in any market," U.S. Commodity Futures Trading Commission
Enforcement Director Ian McGinley said in a statement.
The parent company, TotalEnergies SE, did not
immediately respond to requests for comment.
According to the CFTC, in March 2018 the company flooded the
market for physical EBOB benchmark gasoline at cut-rate prices
while maintaining a large short position betting that EBOB
futures would fall in value.
The maneuver amounted to losing money on physical sales to
increase the value of the short position, according to the CFTC.
EBOB is a benchmark of gasoline primarily used in Europe that
the CFTC said trades on exchanges it regulates.
The agency said the company had offered some cooperation
with investigators but had not adequately preserved some
WhatsApp instant messages or produced them in a timely manner.