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.
On December 5, 2018, a Panel of the New York Mercantile Exchange (“NYMEX”) Probable Cause Committee (“PCC”) charged non-member, Yu Yang (“Yu”) with violating Exchange Rule 432.L.1., for failing to appear before Exchange staff for a scheduled interview in relation to Yu’s order entry and trading activity in in the various NYMEX Crude Oil futures markets between November 2016 and February 2017.
On January 24, 2019, a Hearing Panel Chair of the NYMEX Business Conduct Committee (“BCC”) entered an order finding that Yu failed to answer the charges against her. The Hearing Panel Chair further ordered that Yu was deemed to have admitted the charge issued and waived her right to a hearing on the merits of the charge.
On February 13, 2019, a penalty hearing was held before a panel of the NYMEX BCC (“BCC Panel”) which found that Yu had committed the violation charged.
In accordance with Exchange Rule 402.B. (Sanctions), the BCC Panel ordered Yu 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.