Statement on wholesale gas market manipulation

Published: 07/11/2013   Last Modified : 07/11/2013

The Financial Conduct Authority and Ofgem have concluded the review of the allegations of manipulation of the gas market on 28 September 2012.

The physical gas market is directly regulated by Ofgem for market abuse purposes, with the FCA responsible for regulating the financial derivatives based on this market.  We have each concluded that we could find no evidence in this instance of market manipulation.  

In light of these findings, Ofgem and the FCA each consider that no further action is required in connection with the allegations relating to the 28 September 2012.

Ofgem and the FCA will continue to monitor energy and financial markets, and will work together to consider any evidence of misconduct.

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