The Australian Securities & Investments Commission (ASIC) has commenced civil penalty proceedings in the Federal Court of Australia against Delta Power & Energy (Vales Point) Pty Ltd, alleging manipulation of the ASX 24 market for electricity futures contracts and improper influence over a financial benchmark. ASIC alleges that on 30 occasions between 8 September 2022 and 6 October 2022, Delta placed orders for New South Wales Peak Load Electricity Futures Contracts shortly before the ASX 24 market close for the improper purpose of affecting the daily settlement price for those quarterly futures contracts. The regulator alleges the conduct created a false or misleading appearance about Delta’s trading purpose and about whether settlement prices reflected genuine supply and demand, and that it influenced the level at which the daily settlement price, which ASIC alleges is a financial benchmark, was generated or administered. ASIC is seeking declarations and pecuniary penalties. The matter is to be listed for a case management hearing on a date to be fixed by the Court.
Australian Securities & Investments Commission 2025-06-30
Australian Securities & Investments Commission files Federal Court civil penalty case against Delta Power & Energy for alleged ASX 24 electricity futures benchmark manipulation
The Australian Securities & Investments Commission (ASIC) has initiated civil penalty proceedings against Delta Power & Energy (Vales Point) Pty Ltd in the Federal Court of Australia. ASIC alleges Delta manipulated the ASX 24 market for electricity futures contracts on 30 occasions between 8 September and 6 October 2022, improperly influencing the daily settlement price, a financial benchmark. The regulator seeks declarations and pecuniary penalties.