• NOTICE OF DISCIPLINARY ACTION

      • #
      • COMEX 15-0261-BC-1
      • Effective Date
      • 01 September 2017
    • NON-MEMBER:

      SKEET COMMODITIES DMCC

      EXCHANGE RULE: 432. General Offenses

      It shall be an offense:

      W. For any party to fail to diligently supervise its employees and agents in the conduct of their business relating to the Exchange.

      FINDINGS:

      Pursuant to an offer of settlement Skeet Commodities DMCC (“Skeet”) presented at a hearing on August 30, 2017, in which Skeet neither admitted nor denied the rule violations upon which the penalty is based, a Panel of the COMEX Business Conduct Committee (“BCC Panel”) found that from July 2015 through September 2015, an employee of Skeet engaged in disruptive trading practices in Gold and Silver futures in violation of Exchange Rule 575.A. Skeet failed to properly supervise this employee by failing to provide any type of training regarding Exchange Rules, by not being familiar with Exchange Rules and by failing to monitor or review the employee’s trading strategies during her employment.

      The Panel found that as a result of the foregoing, Skeet violated Rule 432.W.

      PENALTY:

      In accordance with the settlement offer, the BCC Panel ordered Skeet to pay a fine of $30,000.