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Oil Prices Had been Manipulated, U.S. Government Commission Costs

The CFTC filed the civil enforcement action within the United States District Court docket for the Southern District of recent York in opposition to Optiver Holding BV, a worldwide proprietary buying and selling fund headquartered in the Netherlands, and two subsidiaries – Optiver US, LLC (Optiver), a Chicago-based corporation, and Optiver VOF, a Dutch company. The complaint additionally names defendants Christopher Dowson (head trader of Optiver), Randal Meijer (head of trading and supervisor of Optiver and Optiver VOF) and Bastiaan van Kempen (Chief Government Officer of Optiver).

The CFTC started their probe into the manipulation of oil costs amid record costs will increase in Might. They say they’ve dozens of investigations underway. This was the oil and natural gas sector professionals first introduced charge in opposition to a particular company. The implication is that there are more to observe.

In accordance with the complaint, the defendants employed a manipulative scheme commonly often known as “banging” or “marking”‘ the close. “Banging the shut” refers back to the follow of acquiring a considerable place main up to the closing period, followed by oil and natural gas sector professionals offsetting the place before the tip of the close of buying and selling for the aim of attempting to govern costs.

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