IPE's Independent Complaints Commissioner Report Relating To Mr Cook's Allegations Of Market Manipulation

The IPE is today publishing the report from Dr Oonagh McDonald, the IPE's independent Complaints Commissioner, on her investigation into the IPE's handling of Mr Chris Cook's allegations of market manipulation on the IPE Brent market. This report is contained on the IPE's website at: www.ipe.uk.com/compliance/cookcomplaintreportfinal6l_1.pdf. During the course of May and June 2001, Mr Cook made a series of allegations to the IPE and other regulatory bodies regarding widespread and systematic abuse on the IPE market. The IPE conducted its own investigation into this matter and reported to Mr Cook in March 2002 that it had found no evidence to support his allegations of widespread manipulation.

In accordance with the IPE's complaints procedures which are part and parcel of its obligations as a Recognised Investment Exchange, the IPE offered Mr Cook the option of referring his concerns to the IPE's independent Complaints Commissioner. Mr Cook was not satisfied with the IPE's response and continued to make his allegations. Some of these allegations were also made to the Press. The IPE therefore invited the Complaints Commissioner in May 2002 to investigate the matter and committed at that time to publicising her report. This we are now doing.