FCA consults on proposed commitments after concerns over commodity futures trading conduct
Eleven commodity day traders have proposed a package of commitments, including a £1 million ex gratia payment to the Crisis and Resilience Fund, following an investigation by the Financial Conduct Authority (FCA) into potential competition law concerns in commodity futures markets.
The FCA announced on 24 June 2026 that it is concerned the traders may have restricted competition by exchanging commercially sensitive information about their trading activities and, in some cases, coordinating their trading strategies. The regulator stressed that it has not concluded whether competition law was breached and that the proposed commitments do not amount to an admission of wrongdoing.
According to the regulator, the proposed commitments include changes to the way the traders handle sensitive information, mandatory annual competition law training and a £1 million payment to the Crisis and Resilience Fund, which supports low-income families and individuals experiencing financial hardship. The FCA said the financial commitment is likely to exceed any penalty it could impose if an infringement were ultimately established, as competition law limits financial penalties according to an individual or business’s turnover in the financial year preceding a decision.
Graeme Reynolds, the FCA’s Director of Competition, said: “Competition law exists to ensure markets work well. We consider all competition concerns and, where appropriate, we investigate and take action.”
The regulator explained that the individuals under investigation were day traders operating in global commodity futures markets. It noted that day traders play an important role in maintaining market liquidity and absorbing risk from other participants. The FCA added that competitive markets depend on trading decisions being made independently.
The investigation relates to concerns that the traders may have exchanged potentially sensitive information and coordinated aspects of their trading activity. However, the FCA emphasised that it has reached no finding on whether competition law has been infringed. Accepting commitments would allow the investigation to conclude without determining whether a breach occurred, provided the regulator is satisfied that its competition concerns have been addressed.
The FCA has opened a consultation on the proposed commitments before deciding whether to accept the package and formally close the investigation. Interested parties can submit feedback before the consultation closes on 14 July 2026.