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 全自动炒股，一定会大亏，比如在以下情景。我还以为伊朗色列开打啦 |
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ceo/cfo
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作者：ceo/cfo 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
Rogue hits ‘electronic casino’
By Javier Blas
Published: July 2 2009 18:46 | Last updated: July 2 2009 18:46
“Electronic oil casino.” That is how David Hufton, the head of PVM Oil Associates, has defined some of the electronic exchanges on which Brent and West Texas Intermediate, the world’s oil benchmark, trade.
That casino has proven costly to the company after a broker engaged in what PVM said was “unauthorised trading” in the early hours of last Tuesday, buying “substantial volumes of futures”.
EDITOR’S CHOICE
Video: Izabella Kaminska on how the rogue PVM trade affected the oil market - Jul-02FT Alphaville: A rogue in crude at PVM - Jul-02PVM Oil statement - Jul-02In depth: Oil - Jun-24The losses totalled a little less than $10m, PVM said.
For some in the oil industry, the rogue trading episode is a paradox as Mr Hufton warned as far back as 2006 about the danger of moving to electronic trading, saying: “More and bigger casinos in which to play will facilitate the growth of virtual oil demand”, adding: “If futures exchanges did not exist, oil prices would be a lot lower.”
Traders in London and New York said there was an increase in business activity in the early hours of Tuesday, when oil trading is usually quiet.
“Trading rose and prices jumped without apparent justification,” a senior oil trader at Nymex said.
Initially, traders attributed the spike in trading to anything from an institutional fund adjusting its positions on the last day of the quarter to short-term trading on news.
“When I arrived in the morning and saw the volume traded, I thought that a geopolitical news event has moved the market,” the trader added. “I was perplexed when I realised that no news had broken overnight to justify the trading.”
The unusual activity on the Brent futures market pushed prices to the highest level of the year, both on the ICE Brent market – where the trading took place and prices rose to $73.50 a barrel – but also on the Nymex WTI market, where prices hit $73.38 a barrel, an eight-month high.
According to Reuters data, the pattern of the night shows Brent moving from $71 at 0000 GMT to about $73.50 one hour later, before easing to about $72 a barrel when European traders started at 0800 GMT.
The data showed that more than 16m barrels of Brent crude oil traded in the space of just over an hour, an unusual amount for a period – the morning in London – that usually trades about 500,000 barrels.
The amount of oil traded in that unusual one hour was equivalent to about double the daily production of Saudi Arabia, the world’s largest oil producer.
Michael Lewis, head of commodities research at Deutsche Bank in London, said: “A sudden increase in flows, as was seen overnight in Asia, can have a disproportionate effect on driving prices.”
Traders were perplexed about how a single employee in a firm that trades on behalf of clients – without taking its own positions – was able to make such large trades.
The company said in a brief statement that, when the trades were discovered, “the positions were closed in an orderly fashion”.
It added: “PVM is conducting a full investigation, and cannot comment further until that investigation has been completed.”
The critical question still unanswered is what was the motivation behind the PVM employee’s actions.
As a matter of principle, fellow traders said he did not manipulate the market as he simply bought crude oil and saw the price rise.
How did he expect to profit from his actions? Traders are speculating with different theories.
Some believe the trades were aimed at pushing prices to a certain level, triggering stop buys from other parties.
Stop buys are automatic buy orders that are executed when a certain price is reached. Then a further price rise would have allowed the employee to sell at a profit.
PVM declined to comment further, saying that it was still investigating.
The Financial Services Authority, the UK regulator, declined to comment.
作者：ceo/cfo 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
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 全自动炒股，一定会大亏，比如在以下情景。我还以为伊朗色列开打啦 -- ceo/cfo - (4042 Byte) 2009-7-03 周五, 21:20 (1228 reads)
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