Optiver Charged With Rigging Oil Futures Prices

Law360, New York (July 24, 2008, 12:00 AM EDT) -- The U.S. Commodity Futures Trading Commission launched a civil enforcement action on Thursday against the proprietary trading company Optiver Holding BV, charging it with manipulating crude oil prices on a U.S. exchange.

The CFTC also levied charges against three Optiver employees and two subsidiaries in connection with its claims that the company used a manipulative scheme known as “banging the close” for three futures contract listed for trading on the New York Mercantile Exchange. The manipulation earned the defendants $1 million in profits, according to the...
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