Nyfix in a fix as accountant quits

07 Nov 2005

ISV Nyfix has announced that Deloitte has resigned as its accountant and that it has been delisted from the Nasdaq index following the firm's failure to meet a 31 October deadline to update its financial reporting.

The original announcement that Deloitte had pulled the plug caused Nyfix's share price to fall by over half, from $5 to $2.07, as investors clamoured to sell their shares amid fears of a reporting scandal at the firm.

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“One of our key predictions for 2011 was that geopolitical tensions will simmer more vigorously this year, particularly in the context of a market in which incremental non-Opec volumes are becoming more difficult to bring on stream and in which Opec spare capacity gets more noticeably stretched.”

BarCap's 2011 oil outlook looks increasingly accurate.