Australia’s companies in Australia take legal measures against the Point Point Point and Energy Delta, on the pretext of manipulating the futures market for electricity and relevant financial standards.
In the civil punishment procedures submitted in the Federal Court, the Australian Securities and Investment Committee (ASIC) claims that Delta claims (Previously SUNSET Power International PTY LTD) Requests for New South Wales Peak Hoved futures have been placed on 30 occasion between September 8 and 6 October 2022 with the intention of incorrectly influencing the daily settlement price on ASX 24.
According to ASIC, requests are designed to create a misleading appearance of real market activity and influence pricing criteria.
The organizer claims that behavior aims to “influence the level in which the daily settlement price of the quarterly futures contracts has been created, which ASIC claims to be a financial standard, created or managed.”
Asic Joe Longo said that such manipulation poses serious risks.
“The consequences of manipulation in the energy markets, especially in times of stress in the market and their fluctuation, can flow to the real economy, for example, as the costs of financing suppliers, and in turn, energy prices,” said.
Longo added that poor behavior in the markets of energy derivatives and basic commodities was a priority for ASIC.
The organizer is looking for financial advertisements and penalties against Delta. The date for the case management session has not yet been set by the court.