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Well-functioning markets are fundamental to the implementation of the Cap-and-Trade Program. As one component of CARB’s approach to ensure that the markets are free of abuse and disruptive activity so they can appropriately reflect the supply and demand for compliance instruments, CARB is conducting market surveillance and analysis. CARB’s trained surveillance staff works closely with an independent market monitor, Monitoring Analytics, to monitor CARB’s auctions and all holding and trading of compliance instruments for the Cap-and-Trade Program. Activities in related markets are also tracked and analyzed.
CARB is working with several California state and federal agencies to ensure robust oversight of the markets for compliance instruments and related markets. CARB worked closely with the California Attorney General’s office in developing the program regulation and continues to use their expertise to help with potential future enforcement activities. CARB staff is engaged in active discussions with the California Independent System Operator (CAISO), the Commodity Futures Trading Commission (CFTC), and the Federal Energy Regulatory Commission (FERC).
The Public's Role in Market Monitoring
Members of the public, whether or not they are program participants, are an important additional set of eyes on the market. If you believe you have information concerning suspected unlawful activity or attempts to commit unlawful activity directed toward the Cap-and-Trade Program, the markets for compliance instruments, or related markets, CARB encourages you to contact the Cap-and-Trade Program and be directed to the program monitoring group.
CARB also encourages you to report any information regarding unlawful activity or attempted unlawful activity related to the markets for compliance instruments or related markets to one or more of the following, as applicable: the California Independent System Operator (CAISO), the Commodity Futures Trading Commission (CFTC), and the Federal Energy Regulatory Commission (FERC). For your convenience, CARB provides links to those entities complaint sites immediately below.
- CAISO: http://www.caiso.com/market/Pages/MarketMonitoring/Default.aspx
- CFTC: http://www.cftc.gov/ConsumerProtection/WhistleblowerProgram/index.htm
- FERC: http://www.ferc.gov/legal/complaints.asp
In addition, the Dodd-Frank Act created a CFTC Whistleblower Program that allows for the payment of monetary awards to eligible whistleblowers, and provides anti-retaliation protections for whistleblowers who share information with or assist the CFTC.