BofA to limit duration of trades with BP
NEW YORK (Reuters) – Bank of America Merrill Lynch (BAC.N: Quote, Profile, Research, Stock Buzz) has ordered its traders not to enter into oil trades with BP Plc (BP.L: Quote, Profile, Research, Stock Buzz) that extend beyond June 2011, a market source familiar with the directive told Reuters.
The order to the bank’s traders came from a high-level executive and was made on Monday, according to a source familiar with it. It told traders not to engage in trade with BP for contracts beyond one year from this month.
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