Soars Capital Limited
EXCHANGE RULE: 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 avoid execution.
On June 22, 2017, a Panel of the Commodity Exchange (“COMEX”) Probable Cause Committee charged Soars Capital Limited (“Soars Capital”) with violating Exchange Rule 575.A. based on the allegations that from September 18, 2015 to March 7, 2016, Soars Capital entered and cancelled orders in various COMEX markets without the requisite intent to trade.
On December 6, 2017, a Hearing Panel Chair of the COMEX Business Conduct Committee (“BCC”) entered an order finding that Soars Capital failed to answer the charge against it. The Hearing Panel Chair further ordered that Soars Capital was deemed to have admitted the charge issued and waived its right to a hearing on the merits of the charge.
On January 30, 2018, a penalty hearing was held before a panel of the COMEX BCC (“BCC Panel”) which found that Soars Capital had committed the violation charged.
In accordance with Exchange Rule 402.B. (Sanctions) the BCC Panel ordered that Soars Capital pay a fine in the amount of $100,000.