Is The FSA Contributing To The Rising Price Of Oil?
As many analysts wait for oil to hit $150 a barrel there is real concern that market practices in the ICE Europe oil futures market are contributing to the spiralling price. The market accounts for an enormous 30% of worldwide oil futures but there are only 5 FSA staff assigned to monitor the markets and any breach of rules.
The Commodity Futures Trading Commission (CFTC) in the US is trying to exert pressure on the FSA to align itself with US regulations which limit the amount of business each market participant can agree to. Under what is commonly known as the "London Loophole" is seems that many US traders are using the UK Market to increase their oil futures exposure, in direct contravention of US regulations.
So far the FSA has defended the set-up for monitoring the markets and is not yet willing to agree to the US style limits which are in force in the US market. The situation is critical at the moment with more and more observers of the opinion that professional traders are squeezing the price of oil higher to the detriment of the vast majority of economies around the world.
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