– John Kemp is a Reuters market analyst. The views expressed are his own –
By John Kemp
LONDON, June 29 (Reuters) – With its decision to fine and ban a former oil broker for manipulating the price of Brent crude oil last year as a result of trading while drunk, Britain’s Financial Services Authority (FSA) has continued its push to introduce higher standards into trading on the London commodity markets.
Former PVM oil broker Stephen Noel Perkins was so drunk he had a limited recollection of events and had been in an alcohol induced blackout, according to the FSA’s notice announcing a minimum five-year ban and fining him 72,000 pounds.
Drunkenness certainly adds colour to the case. But its real significance is much wider. It applies equally to market participants who are sober as well as those trading under the influence of drink and drugs.