EXCHANGE RULE: NYMEX RULE 575.A. DISRUPTIVE PRACTICES PROHIBITED
No person shall enter or cause to be entered an order with the intent, at the time
of order entry, to cancel the order before execution or to modify the order to
Pursuant to an offer of settlement Kyu-Sung Kim (“Kim”) presented at a hearing on July 21, 2017, in which Kim neither admitted nor denied the rule violations upon which the penalty is based, a Panel of the NYMEX Business Conduct Committee (“BCC”) found that, on numerous trade dates between July 2015 and December 2015, Kim entered various orders at significantly off-market prices in the Brent Last Day Financial Futures (“Brent”) market without the intent to trade. Specifically, Kim entered these orders to detect market depth and never intended to trade these off-market orders.
Accordingly, the Panel found that Kim violated NYMEX Rule 575.A. (Disruptive Practices Prohibited).
In accordance with the settlement offer, the Panel ordered Kim to pay a fine in the amount of $15,000 and to serve a fifteen-business day suspension from (1) applying for membership on any CME Group Inc. Exchange; (2) access to any CME Group Inc. trading floor; and (3) direct and indirect access to all electronic trading and clearing platforms owned or controlled by CME Group Inc., including CME Globex. The suspension shall run from July 25, 2017 through August 14, 2017, inclusive.