PVM Oil Futures, a London-based division of the world’s biggest broker of over-the-counter derivatives, has lost almost $10 million after falling victim to a rogue trader.
The unauthorized trades in the early hours of Tuesday morning are reported to have been brokered by Steve Perkins, a senior, long-standing trader in futures on the Brent oil contract. He is understood to have been suspended from his post.
A spokesman for PVM Oil refused to confirm the identity of the trader and said the company had launched an investigation and continued to operate normally.