Thursday, July 28, 2016

OIL LOSSES



Upset via the stock market, bank clerk Wang Lili stated she changed into coaxed into buying and selling crude oil on the start of 2015 through a trading platform that is a member firm at the Beijing Petroleum change and misplaced 1.1 million yuan in 10 months as costs fell. 

"The sales supervisor repeatedly advised me that oil expenses have bottomed out and it became time to shop for," Wang, from the northern metropolis of Tangshan, said. "I depended on him due to the fact Beijing Petroleum change is nation-owned and is based inside the capital."

income agent Dong Hao, who treated Wang's account, said he now not advertised for the exchange after an increasing number of court cases, however introduced that it turned into up to clients to govern dangers. "if you lose cash, and the on line casino operator makes cash, there's not anything to whinge approximately," he stated.

Beijing Petroleum trade's biggest shareholder is the Beijing municipal nation-owned asset control agency. different traders consist of PetroChina Co. Ltd. (601857.SS), Sinochem business enterprise, and CNOOC investment preserving. not one of the companies replied to phone calls or faxed requests for remark.

On March 18, China relevant tv (CCTV) aired an investigative document alleging a few oil merchandise traded at the Beijing Petroleum trade did no longer have regulators' approval.

In response to the CCTV document, Beijing Petroleum trade released a assertion on March 25, saying it had launched an research into Shihang global, a member firm that became accused within the report of breaching rules with the aid of permitting futures buying and selling.

Hou Xiaoyu, a attorney representing traders suing the exchange, stated that, even as it was most effective licensed for spot buying and selling - which generally refers to contracts for immediate settlement - it allowed what he called quasi-futures trading.

Contracts traded at the Beijing trade are standardized, offer high leverage, change fingers often and aren't for the purpose of actually taking delivery of the products - traits of futures as opposed to spot trading, Hou said.

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