James C. Chi
NYMEX RULE VIOLATION: RULE 524.A. TRADING AT SETTLEMENT (“TAS”) TRANSACTIONS (IN PART)
2. TAS orders may be entered on Globex at any time the applicable contracts are available for TAS trading on Globex and during each TAS contract’s prescribed pre-open time period. The initiation of any TAS order on Globex outside these time periods is prohibited.
Pursuant to an offer of settlement James C. Chi (“Chi”) presented at a hearing on May 28, 2015, in which Chi neither admitted nor denied the rule violation upon which the penalty is based, a Panel of the NYMEX Business Conduct Committee (“BCC”) found that it had jurisdiction over Chi pursuant to Exchange Rules 400 and 402, as Chi is a member of the Exchange and during the time period between May 7, 2014, and May 8, 2014, Chi entered three Trading at Settlement (TAS) orders prior to the security status message stating that the product group had entered a pre-open state, in violation of NYMEX Rule 524.A. (Trading at Settlement (“TAS”).
The Panel found that, as a result, James C. Chi violated NYMEX Rule 524.A. (Trading at Settlement (“TAS”)).
In accordance with the settlement offer, the Panel ordered James C. Chi to pay a fine to the Exchange in the amount of $15,000.
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