Goldman Sachs Software
“The bank has raised the possibility that there is a danger that somebody who knew how to use this program could use it to manipulate markets in unfair ways,” Mr. Facciponti said in the court, according to Bloomberg. “The copy in Germany is still out there, and we at this time do not know who else has access to it.”
The spike in oil prices to their highest level this year was caused by a rogue broker who placed a massive bet in the Brent oil market, triggering almost $10m of losses for his company. PVM Oil Associates, the world’s largest over-the-counter oil brokerage, said on Thursday it had been the “victim of unauthorized trading”. The privately owned company said that as a result of the unauthorized trades it had been forced to close substantial volumes of futures contracts at a loss.
Since the CFTC limits the number of futures contracts that can be held in agricultural products in order to protect the market from manipulation, CFTC Chairman Gensler thinks the same standards should apply to energy markets. Result: driving down natural gas to unnatural levels.