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And see lightning crash!
This time only 3-4 minutes, let the intercontinental exchange (ICE) brent crude oil futures November contract price falls to five dollars/barrel, plate once fell nearly 3.5%. Many of the hedge funds have happened in Beijing time on September 18, at 2 o 'clock crude oil futures lightning crash feel at a loss. (details: international oil prices plunged 2.4% tray 1 minutes fell more than $3
"There is no any sign. An American hedge fund manager said that most hedge funds can only be temporary change based on the federal reserve QE3 implementation bullish crude oil futures investment strategy, stop out.
Informed sources, and the commodity futures trading commission (CFTC) has to start with the Chicago futures exchange (CME) and ICE coordination, to survey the crude oil futures lightning crash reason, at present requirement each big marketmaker and high-frequency trading operation platform to submit the transaction record.
"Culprit" falsification
By this time, the American hedge funds boundary listed cause crude oil futures lightning crash a few big "culprit".
Most hedge funds spearhead directed at high frequency trading. In their view, in brent crude oil futures crash one minute, ICE crude oil futures trading less than 200 hand, but in the crash of the earliest one minute, trading sharply to 10000 hand. In such a short time to finish high intensive amount of volume, only high-frequency trading can do it.
At present, the high-frequency trading of crude oil futures market, more than 50% of the volume, any a high-frequency trading platform of technical failure, can cause lightning crash domino effect.
However, the CME immediately claimed that did not find any technical fault caused oil prices slump.
"There are a number of large hedge funds from home coming from saying that the several large asset management agency will be concerned about the release of strategic petroleum reserve and selection in a certain time PaoPan concentration, triggering lightning crash." The above hedge fund manager has revealed.
Last June the international energy agency (IEA) joint release crude oil strategic reserve, once led to brent crude oil (low sulfur degree high quality) and dubai crude oil (high sulfur degree quality low price between from $9.2 / barrel quickly dropped to $3.3 / barrel, make a large number of buy up price both expanding large asset management companies stop off.
From worry, large asset management companies early action, to brent crude oil futures massive cast high low suck adjust position costs, prevent history repeats itself. However, the U.S. government officials deny plunged rapidly after the release of strategic petroleum reserve, let guess collapse of itself.
China's settlement factors?
Can find "culprit", let the crash of the creation is mysterious.
The reporter understands, there are some hedge fund managers believe that, crude oil futures lightning crash and the recent media reports "China began to direct use renminbi for petroleum import and export of settlement" not association.
"Whether the news is true, will greatly influence the hedge funds for crude oil futures valuation of the rejudge." The hedge fund manager said: in the past, they collect a certain term global crude oil trading amount (in dollar terms), estimation of global oil market supply and demand change trend, once China adopts RMB settlement oil import and export, this part of the transaction data will not be included in hedge funds monitoring category, easy to cause the Chinese crude oil import trade demand was lower, become hedge funds massive short selling new excuse.
"In fact in the shale gas revolution to the United States from crude oil importer gradually to energy exporter, hedge funds in the crude oil futures investment is more like a extremely frightened person." He stressed.
The incident has once again aroused CFTC to high frequency trading technology fault intense attention.
The insider, CFTC collaborative CME, ICE survey the incident key, the first is through the collection marketmaker and high-frequency trading operation platform of crude oil futures transaction records, to determine whether there are high-frequency trading "misoperation".
"Through the investigation of crude oil futures lightning crash event, CFTC going to strengthen all over-the-counter trading must be included in the field of trade supervision requirements". He revealed to the United States Getco high-frequency trading company as an example, at present Getco spend a lot of energy, r&d and frame Order (Intermarket Sweep Order) trading model, namely, to take orders from customers trading center can immediately on the field or OTC deal execution without any other price factors, in Order to meet the U.S. financial regulatory department requires that all OTC over-the-counter trading floor trading must be included in the requirem