Jinchuanmaike Metal Resources Co., LTD
NYMEX RULE VIOLATION: RULE 562. POSITION LIMIT VIOLATIONS
Any positions in excess of those permitted under the rules of the Exchange shall be deemed position limit violations.
Pursuant to an offer of settlement Jinchuanmaike Metal Resources Co., LTD. (“Jinchuanmaike”) presented at a hearing on November 25, 2014, in which Jinchuanmaike neither admitted nor denied the rule violation upon which the penalty is based, a Panel of the COMEX Business Conduct Committee (“BCC”) found that it had jurisdiction over Jinchuanmaike pursuant to Exchange Rules 400 and 418 as the conduct was transacted on CME Globex electronic trading platform, and that on the close of business on April 29, 2014, Jinchuanmaike held a position of 612 long May 2014 Copper Futures contracts (“MAY14 Copper”), which was 412 contracts (206%) over the 200 lot standard expiration month limit in MAY14 Copper, in effect as of the close of business on April 29, 2014 and remained in effect on April 30, 2014.
The Panel found that, as a result, Jinchuanmaike violated NYMEX Rule 562.
In accordance with the settlement offer, the Panel ordered Jinchuanmaike to pay a fine to the Exchange in the amount of $45,000.
November 28, 2014
CME Group is the world's leading and most diverse derivatives marketplace. The company is comprised of four Designated Contract Markets (DCMs). Further information on each exchange's rules and product listings can be found by clicking on the links to CME, CBOT, NYMEX and COMEX.