NOTICE OF DISCIPLINARY ACTION

NON-MEMBER:

Liu Yang

EXCHANGE RULES: Rule 432.L General Offenses

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 December 5, 2018, a Panel of the Commodity Exchange (“COMEX”) Probable Cause Committee (“PCC”) charged non-member, Liu Yang (“Liu”) with violating Exchange Rule 432.L.1., for failing to appear before Exchange staff for a scheduled interview in relation to Liu’s order entry and trading activity in various COMEX precious metal markets in between November 2016 and February 2017.

On January 24, 2019, a Hearing Panel Chair of the COMEX Business Conduct Committee (“BCC”) entered an order finding that Liu failed to answer the charges against him. The Hearing Panel Chair further ordered that Liu was deemed to have admitted the charge issued and waived his right to a hearing on the merits of the charge.

On February 13, 2019, a penalty hearing was held before a panel of the COMEX BCC (“BCC Panel”) which found that Liu had committed the violation charged.

PENALTY:

In accordance with Exchange Rule 402.B. (Sanctions), the BCC Panel ordered Liu to be permanently banned from (a) applying for Membership at any CME Group exchange; (b) direct or indirect access to any trading or clearing platform owned or controlled by the CME Group, Inc. exchange, including CME Globex.