markinspain Posted July 26, 2008 Share Posted July 26, 2008 So what is the real value of a barrel of oil? http://money.cnn.com/2008/07/24/markets/cf...=rss_topstories Quote Link to comment Share on other sites More sharing options...
JustYield Posted July 26, 2008 Share Posted July 26, 2008 So what is the real value of a barrel of oil?http://money.cnn.com/2008/07/24/markets/cf...=rss_topstories What's your point? Traders get price to where it was going to go anyway. Quote Link to comment Share on other sites More sharing options...
thod Posted July 26, 2008 Share Posted July 26, 2008 Making your trade just before the bell is not so unusual and not illegal. Take a look at this outfit. They are estimated to have made 1 million dollars from the combined trades in question. That is a tiny, tiny sum in the oil speculation business. These guys are 2 bit outfit operating out of a garage. They simply needed a scapegoat to justify the operation. Quote Link to comment Share on other sites More sharing options...
Wad Posted July 26, 2008 Share Posted July 26, 2008 (edited) Banging the close is easy to spot and I really wonder whether it made any difference to prices. If the story is correct they bought during the day in small lots and then sold everything they had bought in one big lump at the close. They added no net short or long position as they were just day trading and frankly could have made just as much money by buying 1 million barrels worth of options a year ago and then just held them to maturity and then closed the position out on the last day of trading. They were not building up a big positions trying to squeeze the front month futures on NYMEX by taking delivery which I happen to know one big Wall Street firm did several decades ago - although what they did was not deemed illegal then. However, oil is very political now and regulators are looking for even the smallest amount of unusual trading. Edited July 26, 2008 by Wad Quote Link to comment Share on other sites More sharing options...
Errol Posted July 26, 2008 Share Posted July 26, 2008 If they take on oil price manipulation, will they also investigate gold/silver price manipulation? Quote Link to comment Share on other sites More sharing options...
eric pebble Posted July 27, 2008 Share Posted July 27, 2008 So what is the real value of a barrel of oil?http://money.cnn.com/2008/07/24/markets/cf...=rss_topstories I reckon this is the tip of the tip of an enormous iceberg......... The Banksters are at it - dodgy stuff -- full time........ Quote Link to comment Share on other sites More sharing options...
jonpo Posted July 27, 2008 Share Posted July 27, 2008 come off it these guys are not 'banksters' they are just smart educated people playing the game... http://www.optiver.com/ they broke the rules they will pay a price... they are hiring you know ? is anyone up for it ? amsterdam is a good place to blow a lot of cash on drugs and girls you know. this is the bio of one of the traders EducationB.Com, University of New South Wales Goal in personal life Fulfilling career and happy family life. Hobbies Sports, film and travel. Department Trading Function Derivatives Trader Working for Optiver since May 2000. Office Sydney A day at work Two trading sessions which are two-and-a-half hours long, plus researching company and economic news and looking into other areas of trading. Why I choose for Optiver Recommendation from my friend who already worked for Optiver. Did Optiver live up to my expectations I found Optiver to be a young and ambitious company. The emphasis is on teamwork and support, since each employee adds value to the company. My previous activities This is my first professional job. My goal within Optiver To develop my trading skills so they can easily be transferred to other markets and areas of trading. This will give Optiver more options for exploiting new and existing markets. What I like about Optiver The focus on the individual and freedom to develop your own path within the company. Describe Optiver in one sentence It is a company where very few, if any, limits are placed on an individual. How would you convince an applicant to work for Optiver? That this is a supportive environment where individuals are given as much help as they require to develop the skills they need to succeed at trading, and that trading can be a lot of fun. What qualities does a good employee in my role require? A competitive mindset and a real wish to improve, which requires the ability to listen and ask lots of questions Quote Link to comment Share on other sites More sharing options...
Elizabeth Posted July 27, 2008 Share Posted July 27, 2008 However, oil is very political now and regulators are looking for even the smallest amount of unusual trading. And the real problem is that dodgy trading is probably so usual that the only guys that will get caught out are the ones that are doing a little bit rather than a lot. Of course this oil thing is a bubble. You don't get a rise like that in 8 weeks unless the Middle Eastern Cartels decide to take the western economies out (aka late 70s). And at this stage that is not what they are indicating. Quote Link to comment Share on other sites More sharing options...
jonpo Posted July 27, 2008 Share Posted July 27, 2008 i reakon its cos these guys are dutch.... no one likes a dutchman manipulating US markets... fine if they are good old american boys though! Quote Link to comment Share on other sites More sharing options...
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