China considers same tax rate for domestic, overseas firms (AFP)
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CFTC charges Optiver with oil market manipulation (Reuters)
2008.07.256 minutes ago
WASHINGTON (Reuters) - The U.S. Commodity Futures Trading Commission on Thursday charged global trading fund Optiver Holding BV with manipulating the NYMEX oil market in March 2007.
The complaint charged that three employees made about $1 million through manipulation of crude oil, gasoline and heating oil futures on the New York Mercantile Exchange.
According to the complaint, the employees carried out a manipulative scheme known as "banging" or "marking"' the close.
"Banging the close" refers to the practice of acquiring a substantial position leading up to the closing period, followed by offsetting the position before the end of trading for the purpose of attempting to manipulate prices.
The agency said the employees in three instances forced futures prices lower and in two instances caused prices to rise.
"Although this alleged energy trading scheme lasted only several days in March 2007, even short-term distortions of prices will not be tolerated by the commission," said CFTC Acting Chairman Walt Lukken.
The CFTC began its nationwide investigation into oil market manipulation last December.
The agency said it still has "dozens and dozens" of energy cases under investigation.
(Reporting by Timothy Gardner and Tom Doggett, editing by Matthew Lewis)
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