• NOTICE OF DISCIPLINARY ACTION

      • #
      • NYMEX 17-0795-BC
      • Effective Date
      • 06 December 2017
    • NON-MEMBER:

      USS INVESTMENT MANAGEMENT LIMTED

      NYMEX RULE VIOLATION: 562. POSITION LIMIT VIOLATIONS

      Any positions in excess of those permitted under the rules of the Exchange shall be deemed position limit violations.

      FINDINGS:

      Pursuant to an offer of settlement USS Investment Management Limited (“USS”) presented at a hearing on December 4, 2017, in which USS neither admitted nor denied the factual allegations or the NYMEX rule violation upon which the penalty is based, a Panel of the NYMEX Business Conduct Committee (“BCC”) found that, on trade date September 26, 2017, USS held a futures long position
      of 1,768 contracts in October 2017 Henry Hub Natural Gas Futures (“OCT17 NG”), which was 768 contracts, or 76.80%, over the standard expiration month limit, which went into effect at the close of business on September 22, 2017 and remained in effect through September 27, 2017.

      The Panel found that as a result, USS violated Rule 562.

      PENALTY:

      In accordance with the settlement offer, the Panel ordered USS to pay a fine to the Exchange in the amount of $30,000.