CFTC charges Optiver with oil markets manipulation
05 Aug 2008
The US Commodity Futures Trading Commission has charged Optiver Holding and three of its employees with manipulation and attempted manipulation of energy contracts listed on the New York Mercantile Exchange in March 2007.
The CFTC is offering as evidence recorded conversations between Optiver defendants and various traders. In one of the conversations, Christopher Dowson, head trader at Optiver, can be heard, says the CFTC, describing the manipulative scheme as designed to “bully the market”.
The CFTC claims the firm developed a trading program called “The Hammer” to perpetrate the manipulation.
The CFTC alleges that Bastiaan van Kempen, chief executive at Optiver concealed the trading scheme and lied during an inquiry by Nymex. Randal Meijer, head of trading and supervisor of Optiver is also charged.
Optiver, which is based in Amsterdam, says it is examining the allegations. “We are taking it very seriously, and are treating it...
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