Experts predict that the Federal Energy Regulatory Commission's fines levied against investment banks will prompt energy-trading firms to improve their internal surveillance, self-reporting to regulators and other compliance efforts. "These high-profile cases highlight the fact that market manipulation triggered by uneconomic trading is increasingly going to be detected, investigated and punished," said Shaun Ledgerwood, formerly chief economist in the agency's enforcement division. "The agencies are only going to get better at this over time, and traders are realizing they need to adjust their behavior accordingly to comply with these new rules."

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