International Petroleum Exchange (IPE) said it has found no
proof to support market abuse allegations levelled by former
exchange compliance officer Chris Cook, after spending
£250,000 on a detailed investigation.
Cook alleged in 2001 that investment banks had been
manipulating the settlement prices of oil and natural gas
contracts, making millions of dollars at the expense of other
exchange customers (see FO Week Vol 6 No 23). The matter was
referred to the exchange's independent complaints commissioner
(ICC) last year, after an internal investigation found no
substance to the claims. The ICC supported the internal
findings, but recommended further detailed scrutiny of exchange
data covering the period November 2000 to April 2001.
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