Vitol rejects the findings of the CoRDiS, CRE’s disciplinary tribunal, and will be appealing. Vitol maintains that its trading strategies were appropriate to physical energy markets and in accordance with the applicable market regulations, as confirmed by expert evidence. Moreover, Vitol believes that CRE did not follow due process and, had it done so, the result would have been different.
Vitol believes that market integrity can only be achieved through the consistent application of logical, clear and transparent rules to all participants. This has not been the case in respect of CRE’s treatment of Vitol.
Related CoRDiS press release here.