From the CFTC:
...Operating under a principles-based regulatory regime that utilizes strong enforcement tools, the CFTC is recognized as a world leader in investigating and prosecuting manipulative activity in all derivatives markets. The CFTC has committed substantial resources to investigating traders for allegations of price manipulation and false reporting through trading strategies affecting futures, cash and OTC derivatives markets. Starting in December of 2002, in the energy sector alone, the CFTC filed cases against more than 60 respondents and assessed hundreds of millions of dollars in penalties against some of the largest participants in the global energy markets.
Derivatives markets have enjoyed enormous growth in recent years, with yearly trading values at record highs that far surpass debt and equity markets. The prices derived from trading in these markets provide a benchmark for prices of commodities in commercial transactions throughout the world and, as a result, affect the prices paid by consumers for goods and services. Regulators have an enormous responsibility to ensure that commodity prices reflect the legitimate forces of supply and demand, rather than the manipulative conduct of market participants....
