this and one of the issues they point out that people are concerned about is that the shanghai international energy exchange the unit of shanghai futures exchange running the contract has strict daily limits on the number of council orders allowed per account aimed at curbing spoofing this involves placing bids to buy or offers to sell futures contracts with the intent to cancel them before execution by creating an illusion of demand spoofers can influence prices to benefit their market positions for a larger client placing orders of more than three hundred lots of quibbling to thirty thousand barrels of oil the limit is fifty a day users with smaller orders are allowed five hundred cancellations that's different to international exchanges like the c.m.e. which it uses a ratio based on an investor's traded volume so they're actually targeting spoofing this is an matter we've talked about for many years a lot of people who look at the markets in the west point to spoofing in many of the markets including from the high frequency traders write all spoofing as a way to defraud markets and if china is a

all this week history was made when the shanghai international energy exchange launched the first crude futures contracts priced in chinese renminbi or you on it is an attempt to turn the global oil market on its head but china the world's biggest oil importer buys around nine million barrels of oil every day and it wants to use its own currency to price the world's most traded commodity you've heard of petro dollars but what about petro you on the u.s. dollar has been the main currency for oil futures contracts so launching a contract in its domestic currency is a sign that china wants to you want to play a bigger role in global oil trading china's also taking on the world's most used oil benchmarks brant and w.t. i crewed which are both priced in dollars but shanghai traded oil is still far away from earning benchmark status and taking on the petro dollar won't be easy. we're joining us now from london is maidana asia analyst and vice president of research at energy aspects thanks very much for being with us so first off what does this mean then for the major oil producers particularl

all this week history was made when the shanghai international energy exchange launched the first crude futures contracts priced in chinese renminbi or you on it is an attempt to turn the global oil market on its head but china the world's biggest oil importer buys around nine million barrels of oil every day and it wants to use its own currency to price the world's most traded commodity you've heard of petro dollars but what about petro you on the u.s. dollar has been the main currency for oil futures contracts so launching a contract in its domestic currency is a sign that china wants to you want to play a bigger role in global oil trading china's also taking on the world's most used oil benchmarks brant and w.t. i crude which are both priced in dollars but shanghai traded oil is still far away from earning benchmark status and taking on the petro dollar won't be easy we're joining us now from london is made an asia analyst and vice president of research at energy aspects thanks very much for being with us so first off what does this mean then for the major oil producers particularly

this and one of the issues they point out that people are concerned about is that the shanghai international energyxchange the unit of shanghai futures exchange running the contract has strict daily limits on the number of council orders allowed per account aimed at curbing spoofing this involves placing bids to buy or offers to sell futures contracts with the intent to cancel them before execution by creating an illusion of demand spoofers can influence prices to benefit their market positions for a larger client placing orders of more than three hundred lots of quibbling to thirty thousand barrels of oil the limit is fifty a day users with smaller orders are allowed five hundred cancellations that's different to international exchanges like the c.m.e. which uses a ratio based on an investor's traded volume so they're actually targeting spoofing this is an matter we've talked about for many years a lot of people who look at commodity markets in the west point to spoofing in many of the markets including from the high frequency traders write all spoofing as a way to defraud markets and if china is

this and one of the issues they point out that people are concerned about is that the shanghai international energyange the unit of shanghai futures exchange running the contract has strict daily limits on the number of council orders allowed per account aimed at curbing spoofing this involves placing bids to buy or offers to sell futures contracts with the intent to cancel them before execution by creating an illusion of demand spoofers can influence prices to benefit their market positions for a larger client placing orders of more than three hundred lots of quibbling to thirty thousand barrels of oil the limit is fifty a day users with smaller orders are allowed five hundred cancellations that's different to international exchanges like the c.m.e. which it uses a ratio based on an investor's traded volume so they're actually targeting spoofing this is an matter we've talked about for many years a lot of people who look at the markets in the west point to spoofing in many of the markets including from the high frequency traders all spoofing as a way to defraud markets and if china is a party that