Forex broker oil trading volume
We no longer check to see whether Telegraph. To see our content at its best we recommend upgrading if you wish to continue using IE or using another browser such as Firefox, Safari or Google Chrome. By Rowena Mason , Energy Correspondent. It's probably not uncommon for City traders to wonder how they burnt so much cash during a drunken night on the town. The year old broker at first claimed he had spent the night trading alongside a client.
But the story began to fall apart when he refused to put the customer in touch with his desk for official approval of the trades. By 10am it emerged that Mr Perkins had single-handedly moved the global price of oil to an eight-month high during a "drunken blackout".
Ten times the usual volume of futures contracts changed hands in just one hour. It swiftly emerged that Mr Perkins had been relieved of his position at PVM, but details of the bizarre incident have only just been made public after a Financial Services Authority investigation. According to the regulator, Mr Perkins first started trading irregularly the day before the enormous price spike.
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He had been drinking heavily over the weekend at a PVM golf event and was returning to a day off work. As a broker, Mr Perkins was only allowed to place trades on behalf of his clients — not using any of PVM's own money.
And records show that he placed a legitimate order for a client at 1. Mr Perkins' trading stopped for a few hours, but in the early hours of the morning, he returned to the oil market via his laptop.
The first trade was at 1. During this period, Mr Perkins gradually edged up the price by bidding higher each time, until he was responsible for 69pc of the global market volume.
He sent a text message to the managing director claiming an unwell relative meant he would not be coming in to work and started disposing of the oil futures. When PVM challenged his story, the broker confessed and later co-operated fully with the FSA inquiry.
Mr Perkins told investigators that he has "limited recollection" of the entire episode, claiming he had placed the trades during a drink-induced stupor. The FSA will consider re-approving him as a broker after the ban, if he has recovered from his alcohol problem, but noted "Mr Perkins poses an extreme risk to the market when drunk".
It added that there appeared to have been "no motive" for buying up the oil. The investigation also shows that he was able to trade huge volumes with very little cash up front and no position limit, exposing how it easy it was for a single British broker on a bender to cause chaos in the oil market.
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Sunday 18 June Traders work in crude oil trading pit at New York Mercantile Exchange. PVM did not return calls for comment. In Oil and Gas. The biggest companies in the world in The Big Short hits UK cinemas: These are the most valuable start-ups in the world. Starbucks' secret menu - the drinks you didn't know you can ask for.
How a broker spent $m in a drunken stupor and moved the global oil price - Telegraph
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