CFTC charges Optiver for manipulation of NYMEX oil contracts

The CFTC announced that it would obtain $14 million in civil monetary penalties and disgorgement against Optiver Holding BC, a Netherlands-based global proprietary trading company, two subsidiaries, and three of its company officers. The CFTC charged the defendants with engaging in manipulation and attempted...

China considers offering commodity futures

Guo Shuqing, the new chairman of the China Securities Regulatory Commission (“CSRC”), announced that his agency will speed up efforts to offer more equities, bonds and funds related investment products. Possible investment products include government bond futures and other commodity futures, like...

Optiver report foreshadows settlement

Optiver Holding BV, a Dutch high-frequency trading firm, has set aside $19.3 million to settle with the CFTC, according to a report leaked to Reuters. Optiver and the CFTC have been locked in legal combat for years over allegations that the firm manipulated crude oil prices to the tune of $1 million in...

UPDATE Arcadia Petroleum: “The CFTC is wrong on both the facts and the law.”

UPDATE 5/26 John Fredriksen, self-made shipping tycoon and owner of the oil trading firms in question, has joined the fray. He has accused the CFTC of targeting defendants Dyer and Wildgoose because of their association with BP Oil. Said Fredriksen: “Maybe the problem is that these guys (the ...

CFTC charges energy traders with crude oil price manipulation

The CFTC announced today that it has charged Parnon Energy (California), Arcadia Petroleum (UK), Arcadia Energy (Switzerland), James T. Dyer (Australia), and Nicholas J. Wildgoose (California) with manipulation and attempt to manipulate crude oil futures on the New York Mercantile Exchange (NYMEX) between...

CFTC ACTION: Morgan Stanley and UBS

The CFTC announced the separate filings and simultaneous settlements of charges against Morgan Stanley Capital Group, Inc. and UBS Securities Inc. in connection with Morgan Stanley concealing from the New York Mercantile Exchange the existence of a large Trade at Settlement (TAS) block crude oil trade and...

The Dubai Mercantile Exchange asked CFTC to ease margin-calculation rules

The DME has asked the CFTC to ease margin-calculation rules for traders on its markets, cutting trading costs for its flagship Oman Sour Crude contract. The DME’s sour crude futures contract, launched in June 2007, is among a host of products aimed at establishing a pricing mechanism for the heavier...