A source close to PVM Oil Futures has defended the company after one of its employees allegedly made unauthorised oil trades that cost the company $10m to close last Tuesday.
The man blamed for the trades is Steve Perkins, who had been at PVM for seven years.
Details are very vague. Neither PVM nor ICE Futures Europe, where the trades in the front month Brent Crude Oil future were made in the early hours of Tuesday June 30, has revealed the size or nature of the trades, when they were put on, when they were discovered and closed, or whether any of the trades were profitable. It...