• #
      • NYMEX 16-0541-BC
      • Effective Date
      • 02 March 2018

      Ginga Global Markets Pte Ltd.


      The Exchange shall designate the products in which block trades shall be permitted and determine the minimum quantity thresholds for such transactions. The following shall govern block trades:

      F. Unless otherwise agree to by the principal counterparties to the block trade, the seller, or, in the case of a brokered transaction, the broker handling the block trade, must ensure that each block trade is reported to the Exchange within the time period and in the manner specified by the Exchange. The report must include the contract, contract month, price, quantity of the transaction, the respective clearing members, the time of execution, and, for options, strike price, put or call and expiration month. The Exchange shall promptly publish such information separately from the reports of transactions in the regular market.

      MRAN RA1604-5 (in part)

      Market participants must exercise diligence in accurately reporting the execution of the block trade. The reporting of inaccurate execution times may result in disciplinary action.


      It shall be an offense:

      W. for a Member to fail to diligently supervise its employees and agents in the conduct of their business relating to the Exchange.


      Pursuant to an offer of settlement that Ginga Global Markets Pte Ltd. (“Ginga”) presented at a hearing on February 28, 2018, in which Ginga neither admitted nor denied the factual allegations or rule violations upon which the penalty is based, a Panel of the NYMEX Business Conduct Committee (“Panel”) found that from May 1, 2016 through May 1, 2017, Ginga was the executing broker for various block trades in Gasoil, Naptha, Fuel Oil and Argus Propane Far East Index contracts and frequently misreported the true and accurate execution times of the block trades to the Exchange. Ginga failed to diligently supervise its employees or agents in its reporting of block trades to the Exchange by failing to have established procedures to review block trades before and after submission to the Exchange to ensure that Ginga’s block trade execution times were accurate.

      The Panel concluded that Ginga violated Exchange Rules 526.F. (“Block Trades”) and 432.W (“General Offenses—Supervision”).


      In accordance with the settlement offer, the Panel ordered Ginga to pay a fine to the Exchange in the amount of $60,000.