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A coalition of futures exchanges, brokers and market participants filed a “friend of the court” brief Monday challenging the authority of the Federal Energy Regulatory Commission to prosecute claims that hedge fund Amaranth Advisors manipulated the price of natural gas futures traded on a futures exchange.
The group, known as the Financial Industry Coalition, argued that FERC's proceeding against Amaranth would create two separate legal standards, and it believes that any effort to diminish the Commodities Futures Trading Commission’s exclusive jurisdiction will be “inimical to the health of the $5 trillion a day futures industry.” — Donna Block
See Financial Industry Coalition press release via CNNmoney Categories Deal Video
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