IT'S NOT A MARKET...:

Rogue trader sends oil to year-high on $10m gamble (Susan Thompson and Miles Costello, 7/03/09, Times of London)

PVM Oil Futures, a London-based division of the world’s biggest broker of over-the-counter derivatives, has lost almost $10 million (£6 million) after falling foul of a rogue trader. [...]

The rogue trades are widely believed to have caused global crude oil prices to spike to their highest level in more than eight months – a leap that traders and analysts had struggled to explain.

...it's a three-card monty game.

Posted by Orrin Judd at July 3, 2009 6:35 AM