mercredi 31 juillet 2013

Le département de Blythe Masters chez JP Morgan attrapé pour manipulations de marché

C'est pas les 400 millions d'amende qui m'intéressent dans l'affaire. C'est peanuts dans les masses d'argent qui volent en ce moment (c'est même pas 3 heures de planche à billets de la FED).

Ce n'est pas non plus qu'ils se fassent attraper à manipuler les cours... Tu parles d'une surprise...

Ce qui me choque dans l'affaire, c'est de voir à quel point les techniques des manipulation du super génie Blythe Masters sont en fait rudimentaires et éculées...

Et visiblement, aux dernières nouvelles, de ce que j'en ai lu, JP Morgan abandonne son département de trading sur énergie et matières premières. Ce qui inclut les métaux précieux... C'est peut-être l'heure de la retraite dorée anticipée pour Blythe...

JP Morgan Accused Of Manipulating US Energy Markets Using 8 Different Trading Strategies
Business Insider, Linette Lopez, 29/07/2013 (traduire en Français texte en anglais )
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Staff alleges that between September 2010 and June 2011, JPMVEC engaged in five manipulative bidding strategies designed to improperly obtain payments at above-market rates from the California Independent System Operator (CAISO):

   submission of Day Ahead energy bids of -$30/MWh (the bid floor) that falsely appeared economic to the CAISO system, but in fact led to payments to JPMVEC of tens of millions of dollars at rates far above market prices when JPMVEC’s bidding strategy was fully implemented.

   submission of energy self-schedules every third hour to obtain large Day Ahead awards, combined with submission of high-priced energy bids in the intervening hours, to lead the CAISO system to pay JPMVEC at its high bid prices for ramping energy in the latter hours.

   self-scheduling the ancillary service Regulation Down while also submitting high-priced energy bids for the same hours, leading the CAISO system to pay JPMVEC millions of dollars at above-market rates for the energy needed to support the Regulation Down self-schedule.

   bidding at -$30/MWh in the final hours of Day 1, which led to large Day Ahead awards in those hours, and then bidding at $999/MWh for the opening hours of Day 2, which led the CAISO system to pay JPMVEC millions of dollars for ramping energy at $999/MWh between midnight and 2 a.m. Market prices averaged around $12/MWh during these hours of low demand.

   obtaining Day Ahead awards for ancillary services, while making energy bids that made it impossible to fulfill those awards, leading the CAISO system to pay JPMVEC its bid price of $999/MWh to exceptionally dispatch JPMVEC’s plants.

   Staff alleges that between October 2010 and May 2011, JPMVEC engaged in three manipulative strategies aimed at improperly obtaining excessive payments from the Midwest Independent System Operator (MISO):

   making Day Ahead bids of -$50/MWh or -$60/MWh in the hours before midnight on Day 1, with a Minimum Run Time of four hours, to obtain a Day Ahead award in the final hours of Day 1, followed by $1,000/MWh energy bids and a (false) 20-hour Minimum Run Time on Day 2, leading the MISO system to pay JPMVEC $1,000/MWh for 14 hours on Day 2;

   submission of low bids (around $10/MWh) in odd-numbered hours and high bids (up to $178/MWh) in even-numbered hours, leading the MISO system to pay JPMVEC for ramping energy at above-market prices in the latter hours; and

   submission of -$15/MWh Day Ahead bids to get Day Ahead awards, followed by Real Time bids aimed at buying back those awards, to obtain unnecessary Day Ahead Market Assurance Payments from MISO.
Staff further alleges that JPMVEC violated Section 39.2.5.c of the MISO tariff by increasing the Minimum Run Time of the Kinder Jackson unit from the plant’s actual Minimum Run Time of four hours to 20 hours on multiple trade dates in October and November 2010.



JPMorgan Agrees to Pay $410 Million To Settle Electricity Market Probe
Business Insider, 31/07/2013 (traduire en Français texte en anglais )
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JP Morgan has agreed to pay a $410 penalty over allegations it manipulated U.S. electricity markets.



JP MORGAN TRADE DIAGRAM
The WilliamBanzai7 Blog, 29/07/2013 (traduire en Français texte en anglais )
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