Shepherd Energy Says It Breached Nasdaq Power Rules by Mistake
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Shepherd Energy AB, the Stockholm-based investment firm, said it accidentally breached Nordic power market-manipulation rules that led to its 150,000 Norwegian kroner ($26,200) fine from Nasdaq OMX Group Inc.
“The fact that we bought and sold a contract at the same price within a short time interval was unintentional, and we did not intend to manipulate prices,” Arne Oesterlind, manager of the firm’s Shepherd Energy Fund, said today by e-mail. “We have not made any money from the transaction, nor have we caused additional costs for other counter-parties.”