http://www.telegraph.co.uk/finance/news ... iates.htmlA senior, long-standing broker, believed to be Steve Perkins, left this week, amid fears that the “unauthorised trading” could have caused an eight-month high in Brent crude oil future prices.
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A number of senior brokers – the company's only shareholders – are expected to be the main losers from the "rogue trades" Mr Perkins is believed to have been run up in Asian trading during the early hours of Tuesday morning.
Oil traders were "puzzled" later in the day by a spike in London Brent crude futures during the usually quiet Asian trading on that day, pushing prices up to an eight-month high of $73 per barrel.
Prices leapt by more than $1.50 a barrel in under half an hour at around 2am. Ten times the usual volume of futures contracts changed hands in just one hour.
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Last month, a former oil trader at Morgan Stanley in London was banned by the FSA for trying to conceal some short positions on oil futures that he ran up without permission.
Mr. Perkins' speculations apparently cost his employer £6m / $10m. And mentioned Morgan Stanley trader was, according to other sources, drunk when he performed his little stunts last month.
Glad to see that lessons were learned...
Ideology: The mistaken belief that your beliefs are neither beliefs nor mistaken.
