Principles
Companies engaged in trading in energy markets will:
- Respect and promote free and fair competition as the basis for trading sustainable traded energy markets.
- Not engage in any activities which would amount to market abuse, market manipulation or fraud, nor relay information known or strongly suspected to be false or misleading.
- Deal with each other in accordance with established market practices and the standards expected of professional market counterparties.
- Deal with customers fairly and with integrity and manage any conflicts of interest that may arise appropriately.
- Organise their energy trading business effectively, respecting appropriate segregation of staff duties, and exercise diligent control over trading functions.
- Establish effective risk management policies and control procedures governing the key risks managed by their energy trading functions.
- Establish compliance policies setting out the company's procedures for fulfilling all legal and regulatory obligations and any related corporate governance rules relating to their energy trading functions.
- Ensure that their traders are suitably qualified and properly supervised to carry out their duties, including where appropriate to have taken relevant industry examinations.
- Prohibit their employees from giving or receiving bribes and from indulging in other corrupt behaviour in all circumstances; and establish policies governing gifts and hospitality, highlighting acceptable and unacceptable practices.
- Maintain accounts related to trading transactions and risk books in accordance with relevant accounting standards, and respecting normal audit practices.
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EFET - European Federation of Energy Traders
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