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‘Rogue Trader’ Probe After Oil Hike

Writer: By Russell crude oil refineries in canada Lynch and Paula Fentiman, Press Association
Trade ICE Futures Europe – the place bets on the price of oil might be positioned
months ahead utilizing futures contracts – is probing the flurry of buying and selling in
the early hours of Tuesday morning.

Oil broker PVM Oil Associates was compelled to unwind the sequence of unauthorised
trades.
The trades pushed the value of Brent crude futures up by more than two dollars
to its highest level this 12 months above 73 dollars a barrel.

ICE Futures Europe’s president and chief working officer David Peniket
refused to touch upon particular person cases, but mentioned the body would examine
unusual buying and selling activity as a “matter of course”.

“There are a variety of procedures which are adopted to take a look at trading
patterns, price motion and levels of exercise.

“We have a market supervision system and a compliance system and we are
consistently finishing up the sort of process that we crude oil refineries in canada now have mentioned.

“It will investigate and observe up, and where acceptable, motion can be
taken,” he said.
London-based mostly PVM Oil Futures issued an announcement after rumours unfold about
irregular trading on Metropolis and Asian markets.

In a statement issued by managing director Robin Bieber, the firm mentioned it was
investigating the unauthorised trades but did not name any worker
suspected of being concerned.

The assertion mentioned: “PVM can verify that it was the sufferer of unauthorised
buying and selling on Tuesday thirtieth June.

“As a result of a collection of unauthorised trades, substantial volumes of
futures contracts were held by PVM.

“When this was discovered, the positions have been closed in an orderly style.
“PVM suffered a loss totalling slightly below 10 million dollars.

“PVM expects the best requirements of conduct from its folks and takes
contraventions of these requirements extremely severely.”

Traders can use ICE Futures Europe, part of the Intercontinental Alternate, to
purchase or sell crude oil for supply in a number of months’ time, successfully
betting on whether prices will go up or down.

During the early hours of Tuesday morning, futures contracts for 16 million
barrels of oil reportedly changed hands in one hour, compared with a typical
quantity of 500,000 barrels.

Mr Peniket stated the trade had a “close relationship” with the Financial
Providers Authority (FSA) although the watchdog couldn’t affirm or deny if
it was investigating.

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