Oil broker PVM hit by trading loss

In an email statement to newswires, PVM Oil Futures director Robin Bieber said that "as a result of a series of unauthorised trades, substantial volumes of futures contracts were held by PVM. When this was discovered the positions were closed in an orderly fashion. PVM suffered a loss totalling a little under $10 million".

PVM has begun an investigation and has informed the UK's Financial Services Authority and IntercontinentalExchange about the unauthorised trades. The brokerage stated that it h