CFTC fines Canadian firms $750,000 over Nymex gas sales Two Canadian partnerships have been fined $250,000 each for engaging in unlawful wash sales in the natural gas futures contract on the New York Mercantile Exchange Nymex during November and December of 2006.According to the order, on one or more occasions in November and December 2006, Pinemore and Birchmore ordered Nymex natural gas futures trades through their broker that were wash sales. The CFTC says the alleged trades were part of a strategy involving the purchase and sale of the same quantity of Nymex natural gas futures contracts by Pinemore and the opposite sale and purchase of the same quantity by Birchmore.Though the trades were bilateral, negating the risk incident to the market and producing a virtual financial nullity, they were nonetheless designed to give the appearance of submitting trades to the open market, constituting wash sales under the terms of...