LONDON (ShareCast) - PVM Oil Futures has lost almost $10m following a series of rogue trades, the London-based oil broker confirmed Thursday.
The company, based in the West End, suffered the hit on Tuesday 30 June when unauthorised
trading left it with "substantial volumes" of futures contracts.
"When this was discovered, the positions were closed in an orderly fashion. PVM suffered a loss totalling a little under $10m," it said.
PVM has told City regulator, the Financial Services Authority (FSA), and the oil exchange, InterContinental Exchange (ICE).
The group eased concerns about its financial situation, claiming it has met all its margin calls and is conducting business as normal.
A full investigation is currently underway.
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