BP pays $100,000 to settle wash trading charges

The CFTC found that a former BP trader executed pre-arranged trades for electricity contracts at identical prices on six occasions between April and June 2000. On each occasion, the BP trader and the counterparty pre-arranged the trades over the telephone. They agreed to offset one buy or sell against the opposite one on an electronic trading platform, said the CFTC. The commission also found that BP had caused the reporting of untrue and non-bona fide prices.

The culprit’s identity seems likely

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