The federal electricity regulator has turned heads with recent manipulation cases against large banks that trade power, but its chairman said on Thursday the agency is not aiming to push Wall Street out of the market.
"We're an equal opportunity enforcer. We'll go after anybody who we believe is engaged in an activity that is inappropriate or is in violation of the statute," Jon Wellinghoff, chairman of the Federal Energy Regulatory Commission, told reporters.
The agency recently proposed a record $470 million fine on British bank Barclays, and a six-month ban on JPMorgan Chase & Co's energy trading arm from part of the domestic power market.
It is also seeking a $1.5 million fine from Deutsche Bank AG's energy trading arm for alleged manipulation.
"We're not trying to push anybody out of any business. We're just trying to make sure that the markets are operating fairly and that there is a minimum of fraud and manipulation," Wellinghoff said.
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