U.S. Probes Crude Oil Trading for Price Manipulation

this is in reference to a comment i posted recently indicating that the
regulators did not have all the information they needed to detect price
manipulation in the futures market, according to this article they are
getting it:

http://www.bloomberg.com/apps/news?
pid=20601082&sid=ad.d2jiev_EA&refer=canada

"... The CFTC said it has reached an agreement with the U.K.'s Financial
Services Authority and ICE to expand surveillance on the London exchange,
where all transactions are made electronically. ICE Futures offers
trading in U.S. West Texas Intermediate crude oil futures contracts, the
grade that sets prices within the U.S., and its flagship North Sea crude,
Brent.

The agreement with the FSA ``will enhance the amount and quality of the
information the CFTC receives regarding crude oil trading in the U.K. and
will enhance the agency's already vigorous surveillance activity,''
according to the statement.

Large Positions

Nymex has about 75 percent of the open interest, or outstanding
contracts, in U.S. WTI crude oil futures and ICE Futures Europe has the
remaining 25 percent, the CFTC said.

Under the agreement, the FSA and ICE will provide the U.S. regulator with
information about daily large trader positions in the WTI contract on the
U.K. exchange. Information will pertain to all contract months traded, as
opposed to just near-term contracts, the statement said.

The FSA and ICE have also agreed to give the CFTC more information about
traders and to provide trading data in a format that is easier to
monitor. ICE Futures Europe will also notify the CFTC when traders
``exceed position accountability levels,'' the statement said.

The FSA is ``committed to working closely with the CFTC to address and
mitigate risk'' of manipulation, said FSA spokeswoman Teresa La Thangue.
The U.K. body regularly shares information with the CFTC ``to assist in
the detection of potential abuse and manipulation that relate to
contracts on the U.S. and U.K. derivatives exchanges,'' she said by phone
from London today. She declined to comment on the CFTC investigation."



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