Rogue trader highlights benefits of real-time trading firewalls
LONDON - From 2am on June 30, Steve Perkins, a long-serving broker at PVM Oil Associates, placed a series of substantial oil future trades on the ICE Futures Europe exchange from his home computer, which pushed oil prices to an eight-month high. The eight-hour trading spree was not discovered until 10am the following morning, after computer systems at the broker alerted the firm to the unusual trading patterns. The firm notified the UK Financial Services Authority and began to unwind about 9,000
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