Statoil fined $4m by CFTC over index manipulation
Norwegian energy company Statoil agreed to pay $4m to the Commodity Futures Trading Commission (CFTC) on Tuesday, over allegations that the company attempted to manipulate an index to benefit its propane swap positions.
The CFTC alleged that Statoil traders bought propane cargoes during a 30 minute “price-setting window” in November 2011 to prop up a fuel index. The Argus Far East Index is calculated using cargo assessments of propane and butane and serves as the underlying for those commodities’ derivatives contracts.“By ...
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