UPDATE 2- Oil brokerage PVM names rogue trader
* PVM made $10 million loss on unauthorised trades
* Trades triggered oil price spike on Tuesday
* Regulators have been informed
(Adds details)
By David Sheppard
LONDON, July 3 (Reuters) - PVM Oil Futures Limited said on Friday Steve Perkins, a senior broker based at the firm's London office, was responsible for unauthorised trades earlier this week which landed the firm with a loss of nearly $10 million.
The London-based brokerage said Perkins had taken the positions in Brent crude futures LCOc1 early on Tuesday.
The heavy buying during the Asian trading day when volumes tend to be lower caused global crude prices to spike to their highest level this year. Traders and analysts initially struggled to explain the price move. [ID:nL2875683] Continued...
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