A PYMNTS Company

UK: One year later, Ofgem, FCA finds no oil market manipulation

By  |  November 7, 2013

After a year of an in-depth probe launched by the UK’s energy regulator Ofgem along with the Financial Conduct Authority, reports say no proof of market manipulation within the oil industry has been found.

Ofgem and the FCA first launched their investigation in September of last year following accusations that oil traders would make trades below best bids before benchmark indexes were published. Price-reporter ICIS first notified Ofgem of possible irregular trades.

Ofgem announced Thursday that it found no evidence of the collusion, however, despite recent probes into the oil industry both in the US and EU.

Full content: Bloomberg

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.