Gregory K. Lawrence, a partner in Cadwalader, Wickersham & Taft LLP’s Energy & Commodities Group
Proprietary Energy Transactions: Now Where?
Proprietary trading is under attack in the U.S., including transactions in the energy markets. The Volcker Rule in the Dodd-Frank Act prohibits proprietary trading and fund investment, including in the energy markets, by federally-insured banks and their affiliates. U.S. Federal energy regulators are pursuing actively precedent-setting manipulation and fraud claims against banks and other market participants regarding proprietary physical and financial energy trading. Proprietary energy traders, portfolios and assets likely will shift to new companies, including hedge funds. What are the drivers of, and opportunities and risks posed, by this noteworthy shift.
Gregory K. Lawrence, focuses his practice on the electricity and natural gas industries, with extensive experience before the Federal Energy Regulatory Commission (FERC) and multiple state utility commissions regarding regulatory proceedings, compliance and enforcement, transactions and negotiations, asset transfers, and governmental affairs. His clients include financial institutions and hedge funds, marketers, traders, renewable and other project developers, municipal and investor-owned utilities, and large energy consumers. Greg is a frequent speaker at energy industry conferences and a regular contributor to a wide range of publications.
