more than three months ago leaving traders scratching their heads across both sides of the Atlantic, but for London-based Vega Capital London, the crash landed them a jackpot of $500 million, Bloomberg reported Tuesday.
With storage limited thanks to plunging demand due to coronavirus lockdowns, traders rushed to sell their contracts, with some paying to have others take it off their hands. That in turn pushed prices below zero.reported, citing people familiar with the matter who spoke on the basis of anonymity, that a number of Vega traders sold the May contract just before it settled at 2.30 p.m. New York time, netting massive gains.
The Financial Conduct Authority, the UK's regulator, and a number of US regulators such as the US Commodity Futures Trading Commission and CME Group, which owns the Nymex exchange where trading took place, are investigating whether Vega violated any rules and contributed to oil's historic plunge, people familiar with the matter said.
When contacted by Bloomberg, the CFTC declined to comment but said it is due to release a report on the oil market crash at a later point in the year. These 16 global stocks have at least 20% upside in the next year — and they'll continue to thrive as COVID-19 accelerates a crucial technological shift, UBS says
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