United States [1] On May 24, the Commodity Futures Trading Commission (CFTC) slapped Glencore [2] with the highest civil monetary fee and highest disgorgement amount in the regulator's history, amounting to a total of $1.2 billion in penalties. The company was held accountable for what authorities said amounted to "manipulative and deceptive conduct" under the Commodity Exchange Act for over a decade. This misconduct involved both physical settlements and derivatives trades on the New York Mercantile Exchange (NYMEX) and other futures exchanges. As part of its settlement with the CFTC, Glencore also agreed to hire an independent compliance monitor for at least three years with respect to all related investigations and litigation. Importantly, Glencore had never been registered with the CFTC to trade in derivatives even though it traded in trillions of dollars of financial derivatives contracts such as interest rate swaps, cross currency swaps, and oil and oil product swaps.