Autore
Phlips, Louis

Titolo
Manipulation of crude oil futures
Periodico
European University Institute of Badia Fiesolana (Fi). Department of Economics - Working papers
Anno: 1991 - Fascicolo: 36 - Pagina iniziale: 1 - Pagina finale: 33

This paper analyses the possibility of manipulating the crude oil futures contracts traded on the Brent 15-Day market and the London International Petroleum Exchange (IPE). It also makes an heroic attempt at assessing the actual occurrence of manipulations. Two types of manipulation are distinguished: a "classic" manipulation, involving distortions at delivery, and an "oligopolistic" manipulation, which presupposes that oil extraction is under the control of a few producers. It is argued that a) the Brent 15-Day market follows rules that make oligopolistic manipulation feasible and b) two successive changes in the IPE contract were needed to free it from the effects of delivery squeezes (to the detriment of the longs). However, these changes did not free the IPE from oligopolistic manipulation .



Testo completo: http://hdl.handle.net/1814/375

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