• NOTICE OF DISCIPLINARY ACTION

      • #
      • CME-17-0640-BC-2
      • Effective Date
      • 07 December 2018
    • FILE NO.:

      CME 17-0640-BC

      NON-MEMBER:

      Jimmy Ng Kian Bin

      CME RULE VIOLATION:

      Rule 575.A. (DISRUPTIVE PRACTICES PROHIBITED)

      All orders must be entered for the purpose of executing bona fide transactions. Additionally, all non-actionable messages must be entered in good faith for legitimate purposes.

      A. No person shall enter or cause to be entered an order with an intent, at the time of order entry, to cancel the order before execution or to modify the order to avoid execution.

      FINDINGS:

      Pursuant to an offer of settlement in which Jimmy Ng Kian Bin (“Bin”) neither admitted nor denied the rule violation upon which the penalty is based, on December 5, 2018, a Panel of the Chicago Mercantile Exchange Business Conduct Committee (“Panel”) found that on multiple dates between June 1, 2016, and February 15, 2017, Bin entered and canceled multiple layered orders in CME Nikkei/Yen futures markets on the Globex electronic trading platform without the intent to trade, but rather, to encourage market participants to trade opposite the smaller orders he entered that were resting on the opposite side of the order book. After receiving a fill on the smaller order, Bin canceled the layered orders. The Panel thereby concluded that Bin violated CME Rule 575.A.

      PENALTY:

      In accordance with the settlement offer, the Panel ordered Bin to pay a $30,000 fine and to serve a three-month suspension of any access to any CME Group Inc. trading floor and of 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 December 7, 2018, through March 7, 2019, inclusive.

      EFFECTIVE DATE:

      December 7, 2018