Ten times the usual volume of futures contracts changed hands in just one hour.It was 7.45am on June 30 last year when the senior, longstanding broker for PVM Oil Futures was contacted by an admin clerk querying why he'd bought 7m barrels of crude in the middle of the night.By the time PVM realised the trades were not authorised and swiftly began to unwind the positions, losses of exactly $9,763,252 had stacked up.Mr Perkins told investigators that he has "limited recollection" of the entire episode, claiming he had placed the trades during a drink-induced stupor.According to the regulator, Mr Perkins first started trading irregularly the day before the enormous price spike.
The oil sending unit on my 1983 Perkins 4-108 is located on the port side of the block between the starter and the oil filter below the injector pump. The first trade was at 1.22am was at $71.40 per barrel and the last trade at 3.41am was at $73.05.
Perkins repeatedly lied to PVM about the unauthorised activity until admitting what he had done later, when his trading access was suspended and the company sold off the oil."This reinforces the fact that a severe sanction will apply in cases of market manipulation, even where no profit is made."Steven Perkins, a former broker with PVM Oil, has been banned at least five years and fined £72,000 ($137,000) after the financial watchdog ruled that he poses "an extreme risk to the market when drunk".The alcoholic trader cost his firm £6million last summer after going on an unauthorised trading splurge after a drinking binge at a PVM golf weekend.Alexander Justham, director of markets at the FSA, said: "The FSA views market manipulation extremely seriously. See the complete profile on LinkedIn and discover Steven’s connections and jobs at similar companies. View Steven Perkins’ profile on LinkedIn, the world's largest professional community. © Copyright of Telegraph Media Group Limited 2020Mr Perkins, a 34-year-old broker from Essex, claims he bought 7m barrels of oil in the middle of the night on June 29 last year during an alcohol-induced blackout.The revelation that Mr Perkins is once again poised to trade the global markets after single-handedly moving the oil price by $1.50 in the middle of the night will be deeply embarassing for the FSA.He bet $520m of money belonging to his former company, PVM Oil Futures, causing a $10m loss when the unauthorised trades were discovered the next morning. The FSA will consider re-approving him as a broker after the ban, if he has recovered from his alcohol problem, but noted "Mr Perkins poses an extreme risk to the market when drunk". It added that there appeared to have been "no motive" for buying up the oil.© Copyright of Telegraph Media Group Limited 2020Mr Perkins' trading stopped for a few hours, but in the early hours of the morning, he returned to the oil market via his laptop.

The oil futures drunk-trading incident was an incident in which Stephen Perkins, an employee of London-based PVM Oil Futures, traded 7 million barrels (1.1 million cubic metres) of oil, worth approximately US$520 billion (£340 billion) in a two-and-half-hour period in the early morning of 30 June 2009 while drunk. This was quickly followed by seven more orders with a value of $8m using PVM's cash.By 6.30am, the broker appeared to have realised what he'd done.

In his stupor, Stephen Perkins’s trading had actually raised the world price of oil. Steven Perkins, a former broker with PVM Oil, has been banned at least five years and fined £72,000 ($137,000) after the financial watchdog ruled that he … It went to a new eight month high, with a jump of over $1.50 due to his drunken rampage. "The Swiss would have been made aware of this and it is up to them whether they continue giving him authorisation to work," a spokesman said.At the time of the incident, global markets were baffled by the price spike in the middle of the night.

See the complete profile on LinkedIn and discover Steven’s connections and jobs at similar companies.

View Steven Perkins’ profile on LinkedIn, the world's largest professional community. Steve Perkins, the broker who traded $520m when drunk, to resume career in Switzerland Steve Perkins, the oil trader banned by the UK financial regulator for … He had been drinking heavily over the weekend at a PVM golf event and was returning to a day off work.As a broker, Mr Perkins was only allowed to place trades on behalf of his clients – not using any of PVM's own money. But the story began to fall apart when he refused to put the customer in touch with his desk for official approval of the trades.The investigation also shows that he was able to trade huge volumes with very little cash up front and no position limit, exposing how it easy it was for a single British broker on a bender to cause chaos in the oil market. In addition, Stephen Perkins himself received a fine of £ 72,000 from the Financial Services Authority. Prices leapt by more than $1.50 a barrel in under half an hour at around 2am – the kind of sharp swing caused by events of geo-political significance. Steven has 3 jobs listed on their profile. View Steven Perkins’ profile on LinkedIn, the world's largest professional community. Spin on oil filter 140517050 for Perkins engines, designed to meet the needs of Perkins engines by providing superior protection against particles that can make their way into the lubrication system during service or from component wear.

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