Optiver Holding Charged With Manipulating Energy Market

Today, the U.S. Commodity Futures Trading Commission (CFTC) brought a case against Optiver Holding BV, its subsidiaries and three employees, charging them with manipulation and attempted manipulation of New York Mercantile Exchange (NYMEX) Light Sweet Crude Oil, New York Harbor Heating Oil, and New York Harbor Gasoline futures contracts during March 2007.

The complaint said, on 19 separate instances, Optiver attempted to manipulate energy futures contracts, and in a least five of the attempts, they defendants successfully manipulated certain of these energy futures contracts, causing artificial prices.

The scheme, to bully the market", involved trading a significant volume of futures contracts in Crude Oil, Heating Oil, and New York Harbor Gasoline in the opposite direction of the associated TAS position, before and during the close of the contracts.

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