PVM Oil Futures’ rogue trader costs company around 10m
A ROGUE trader has left a London-based oil brokerage with losses of almost $10m (£6m) following a series of unauthorised trades two days ago which are thought to have caused a spike in global crude prices.
PVM Oil Futures issued a statement yesterday after talk of irregular trading swept through London and Asian oil markets on Wednesday
“PVM can confirm that it was the victim of unauthorised trading on 30 June,” the statement said.
“As a result of a series of unauthorised trades, substantial volumes of futures contracts were held by PVM.”
The unauthorised trades on Tuesday are widely believed to have caused global crude oil prices to spike to their highest level in more than eight months, in a move traders and analysts had previously struggled to explain.
PVM said it was conducting a full investigation and that it had informed the Financial Services Authority (FSA) regulatory body, and the InterContinental Exchange (ICE) where the majority of North Sea Brent crude oil futures trade.
The company did not name the person responsible for the trades.