Optiver Accused Of Oil Price Manipulation By CFTC

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.

Read the whole story: nytimes.com

Comments

[Rule Of Law]

"CFTC Accuses Dutch Firm Of Manipulating Oil Prices"

Naw, Ya think?

[petef59]

but, but ,but the free market will perfectly respond to the realities of the world!!!



sure-junior

[ny10013]

Smoke and Mirrors. CFTC is the sponsorer of high oil prices.

"Persons within the United States seeking to trade key US energy commodities – US crude oil, gasoline, and heating oil futures – are able to avoid all US market oversight or reporting requirements by routing their trades through the ICE Futures exchange in London instead of the NYMEX in New York."
http://www.engdahl.oilgeopolitics.net/Financial_Tsunami/Oil_Speculation/oil_speculation.HTM

[leduck]

what will the speculator crowed do?l earsy, rule o flaw, PhillipYay­lor...., etc
will they continue to support the speculator theory and turn on Obama...?
or will they continue to support Obama, and abandon the specualtor theory in favor of something else...?

like..., maybe..., GEOLOGY...­.?

[leduck]

Obama is going to be just as hammered by high gas prices as Bush was
for the same reason:
GEOLOGY

maybe it would not be such a good idea to deny PEAK OIL
After all..., everyone who knows something about petroleum geology, knows the only thing you can argue about, is the timing of PEAK OIL

Obama will not be able to deal with phantom speculators any more then Bush could.
And he will eventually pay the same price as Bush when either demand for oil rises again, or the supply of oil begins to drop forcing oil prices to spike up again.
right now gas is over $3.10 a gallon at most gas stations.
The economy can't recover during gas price spikes because of a lack of discretionary spending

At that point, then the speculator crowed will either have to abandon their speculator conspiracy theories, or turn against Obama for ignoring phantom speculators
In the long run, Obama would be better off dealing with reality and a dash of honesty

[liberalbug]

I'm an American and it's my god given right to cheap gas!!!!

[PhilipTaylor]

News: President 0bama the 01L Speculators are trying to RUIN OUR ECONOMY AGAIN!

01L reaches $78 per barrel and like in 2008 consumers may face another CRISIS!

Summer 2008 gas prices reached an all time high of $5 per gallon ($6 in Canada) and Oil reached $147 per barrel!

During the PEAK of the DRIVING Season Congress opened an investigation of Oil Speculators and G0LDMAN and others "Ran for the H1LLS" and the price of OIL dropped 23% in one Month (peak of driving season - end of June) and almost 80% by the end of the year.

All the time the speculators said they were not speculating in complete contradiction to their behavior.

G0LDMAN made another Fortune on the way down as they drove a Oil Hedging concern out of business by Excessively Leveraged Shorting of the price of OIL!

In other words these people are CR00KS and must be regulated or America will be in RUINS the next time they create a speculative BUBBLE in Oil for THEIR PROFIT and then SHORT it on the WAY DOWN!

That seems to be happening AGAIN right NOW and Congress should begin an Investigation of these people who care nothing for the American Economy or Americans!

[Rule Of Law]

But but but, Philip, what about (whispering) peak oil? LOL. I miss our peak conspiracy friends here.

[imsosure]

Oil prices are constantly being manipulated, that it's against the law and nothing is done about it is the real issue.

[FreedomCorpse]

Oh really! Did they get the software from Goldman Sachs who had their market manipulation software stolen:

“The bank has raised the possibility that there is a danger that somebody who knew how to use this program could use it to manipulate markets in unfair ways,” Facciponti said,"

http://www.bloomberg.com/apps/news?pid=20601087&sid=axYw_ykTBokE

Pot, kettle, Black. The whole system is corrupt to the core.

[sonnybrakes]

What good does it do to close the barn door once the horse has bolted?

[helen]

Easy solution: ban electronic trading.
All trades must be phoned, faxed, or emailed by a broker.
Or traded on the floor of the exchange.

That would slow things down a bit!

[drymartini1]

ya..move backwards.­..that should be the solution.

what next, stop shopping online and force people to go to brick&Mortar stores ??

[FreedomCorpse]

it would create jobs...but why would we want jobs in this booming economy?

[quindy]

Now, that's the news. I always thought market regulates itself. Silly me.

[3dtrix]

You're exactly correct, of course - the "free market" regulates itself with heavenly purity. Only thing is, there's no such thing as the "free market" - never has been, never will be - nowhere in space or time. The only thing the concept is good for is identifying members of the various cults which repeat the phrase as though it had magic powers...

[TJCole]

Obama refused the International Regulations on Speculators that we so badly need and needed and Sarkozy and Merkel were practically begging for..!

Mighty suspicious, considering all we know and what Goldman Sachs and Morgan Stanley did to America last year..!

[OnMySoapbox]

Big Surprise..­.

[lightningbolt]

The CFTC is FINALLY starting to do its job!

[FreedomCorpse]

dream on isn't just a song.