America\’s leading energy regulator has accused a Dutch oil trading firm and three of its employees – including British-born Christopher Dowson – of manipulating the crude oil market for their own ends.
In the first lawsuit of its kind since the agency began investigating alleged manipulation of the market in December 2007, the US Commodities Futures Trading Commission (CFTC) has filed civil actions against Dutch-based Optiver Holdings and the three men, accusing them of making $1m in profit in just 11 days.
The CFTC alleges that the defendants were involved in a scheme known as "banging the close" where a sizeable position is taken in the run-up to a market\’s close, which is then swiftly followed by offsetting that position before the close of trading in an attempt to manipulate prices.
Anyone want to try and explain, so that us non-specialists can understand it, what they are alleged to have done?
Something more sophisticated than pump and dump presumably?