Great news: Starsupply Renewables SA, a commodity broker, might be about to hire the drunk rogue trader.So the infamous 34-year-old, Steve Perkins, who moved the oil market by ~$1.50 in one drunken night last summer will again be set loose on the oil markets, in Switzerland, where the FSA has no control over him.
(If you don’t remember, he bought 7 million barrels of oil in the middle of the night while he was black-out drunk. In two hours the oil market jumped $1.65, approximately $1.50 of which he is probably single-handedly responsible for.)
This is exaclty the opposite of what the FSA wants. The regulators actually went to the Swiss regulator and tried to stop Starsupply from hiring Perkins.
Because Perkins, according to them, “poses an extreme risk to the market when drunk.”
They told the Telegraph that they warned the Swiss regulator about Perkins but have to admit that they are “powerless to stop Perkins’ trading in Europe.
The Telegraph describes Perkins’ effect on the oil futures price that one fateful night this way:
10 times the usual volume of futures contracts changed hands in just one hour.
Between 1am and 3am, Mr Perkins gradually edged up the price by bidding higher each time, until he was responsible for 69pc of the global market volume.