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INVESTIGATION TO THE COMPANY THAT EARNED $ 500 MILLION OVERNIGHT
Investigation to the company that earned $ 500 million overnight
Yazar: Tom Roberts
Yayınlanma: 5 Ağustos 2020 22:11
Güncellenme: 23 Ekim 2024 07:53
INVESTIGATION TO THE COMPANY THAT EARNED $ 500 MILLION OVERNIGHT
In the US, oil prices fell to negative levels on April 20, while few investors made big money overnight. Regulatory authorities have scrutinized the new $ 500 million in earnings. According to a report by Bloomberg Businessweek based on sources close to the subject, several experienced traders in a small London-based company called Vega Capital London Ltd earned $ 500 million overnight. The US Commodity Futures Commission, British Financial Conduct Authority and CME Group, which owns the New York Mercantile Exchange, have initiated an investigation into the transactions of the company in question. It is being examined whether the company's operations violated the rules and played a role in the steep fall of oil prices. The U.S. Commodity Futures Commission announced that a detailed report on the collapse of oil prices would be released in the second half of the year.There was a sharp drop in oil prices in March-April due to the decline in global oil demand affected by the Corona virus outbreak. On April 20 in the US, the May futures price in West Texas oil fell to $ -40, and for the first time in history, minus prices were seen in oil futures. In addition to the decrease in the demand, the fact that the stocks were completely filled in the USA had an effect on the decrease in the price.
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