Schneider Trading Associates 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 in which Schneider Trading Associates Ltd. (“Schneider”), a non-member of the Exchange subject to its jurisdiction pursuant to NYMEX Rule 400, neither admitted nor denied the rule violation upon which the penalty is based, on December 20, 2011, a panel of the NYMEX Business Conduct Committee found that:
On January 18, 2011, a date subject to a 3,000 contract end of month position limit for the expiring February 2011 Light Sweet Crude Oil futures contract, Schneider maintained a long Light Sweet Crude Oil position which exceeded the end of month position limit by 1,492 contracts or 49.73% of the permitted level.
The Panel found that in so doing, Schneider violated NYMEX Rule 562.
In accordance with the settlement offer, the Panel ordered Schneider to pay a fine of $25,000.
December 22, 2011
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