NON-MEMBER:
Timoneer Energy Management LP
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.
FINDINGS:
Pursuant to an offer of settlement Timoneer Energy Management LP (“Timoneer”) presented at a hearing on February 28, 2018, in which Timoneer neither admitted nor denied the findings or the rule violation upon which the penalty is based, a Panel of the NYMEX Business Conduct Committee (“BCC”) found that on September 26, 2017, Timoneer held an intra-day long position of 1,570 October 2017 Henry Hub Natural Gas Futures (“OCT17 NG”), which was 570 contracts (57.00%) over the 1,000 lot standard expiration month position limit in OCT17 NG, in effect as of the close of business on September 22, 2017. The Panel further found that as a result of liquidating its overage, Timoneer realized a profit in the amount of $1,140.91.
The Panel found that, as a result, Timoneer violated NYMEX Rule 562.
PENALTY:
In accordance with the settlement offer, the Panel ordered Timoneer to pay a fine to the Exchange in the amount of $20,000 and to disgorge profits in the amount of $1,140.91.