Optiver Accused Of Oil Price Manipulation By CFTC

10/20/2009 05:12 am ET | Updated May 25, 2011
  • LANDON THOMAS Jr. nytimes.com

LONDON -- Its superfast, supersecret oil trading software was called the Hammer.

And if the Commodity Futures Trading Commission is right, the name fit well with an intricate scheme that allowed commodity traders in Chicago working for Optiver, a little-known company based in Amsterdam, to put their orders first in line and subtly manipulate the price of oil to the company's advantage.

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