• NOTICE OF DISCIPLINARY ACTION

      • #
      • COMEX 16-0475-BC-2
      • Effective Date
      • 17 October 2018
    • NON-MEMBER:

      JANG WOO SUK

      RULE VIOLATIONS:

      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 avoid execution.

      NYMEX RULE 432. GENERAL OFFENSES (IN PART)

      It shall be an offense: 

      L. 1. To fail to appear before the Board, Exchange staff or any investigative or hearing committee at a duly convened hearing, scheduled staff interview or in connection with any investigation;

      FINDINGS:

      On June 5, 2018, a Panel of the Commodity Exchange (“COMEX”) Probable Cause Committee charged Jang Woo Suk (“Jang”) with violating NYMEX Rules 575.A. and 432.L.1. based on allegations that between June 10, 2016 and June 21, 2016, Jang engaged in disruptive trading activity in the Gold and Silver Futures market by entering orders without the intent to trade. Specifically, Jang typically entered a larger order on one side of the market and then cancelled them after resting smaller orders on the opposite side of the book were executed, in addition to failing to appear before Exchange staff for a scheduled interview.

      On August 8, 2018, a Hearing Panel Chair of the COMEX Business Conduct Committee (“BCC”) entered an order finding that Jang failed to answer the charge against him. The Hearing Panel Chair further ordered that Jang was deemed to have admitted the charges issued and waived his right to a hearing on the merits of the charges.

      On September 27, 2018, a penalty hearing was held before a panel of the COMEX BCC (“BCC Panel”) which found that Jang had committed the violations charged.

      PENALTY:

      In accordance with NYMEX Rule 402.B (Sanctions), the BCC Panel ordered Jang to pay a monetary fine in the amount of $60,000 and to serve a permanent trading and membership ban from membership privileges, access to any CME Group, Inc. trading floor, and direct and indirect access to all electronic trading and clearing platforms owned or controlled by CME Group, Inc.