• NOTICE OF DISCIPLINARY ACTION

      • #
      • NYMEX 18-0895-BC
      • Effective Date
      • 30 August 2019
    • NON-MEMBER:

      BARUCH GLAUBACH

      NYMEX RULE: 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.

      FINDINGS:

      Pursuant to an offer of settlement that Baruch Glaubach (“Glaubach”) presented at a hearing on August 28, 2019, in which Glaubach neither admitted nor denied the findings, or conclusions or any rule violation upon which the below penalty is based, a Panel of the NYMEX Business Conduct Committee (“BCC Panel”) found that, during November 2017, Glaubach engaged in disruptive trading activity in various NYMEX Energy Futures markets, including RBOB Gasoline, Crude Oil, and NY Harbor ULSD Futures markets, by entering orders without the intent to trade. Specifically, the Panel found that Glaubach typically entered larger orders on one side of the market and then cancelled them after resting smaller orders on the opposite side of the book were executed.

      The BCC Panel found that, as a result, Glaubach violated NYMEX Rule 575.A.

      PENALTY:

      In accordance with the settlement offer, the BCC Panel ordered Glaubach to pay a monetary fine in the amount of $45,000 and to serve a two-week trading suspension from access to any trading floor owned or controlled by CME Group and from direct and indirect access to any designated contract market, derivatives clearing organization or swap execution facility owned or controlled by CME Group. The suspension shall run from August 30, 2019 through, and including, September 13, 2019.