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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