• NOTICE OF DISCIPLINARY ACTION

      • #
      • COMEX 17-0697-BC-1
      • Effective Date
      • 12 November 2019
    • NON-MEMBER:

      Igor Shafran Voronkovski

      EXCHANGE RULE VIOLATIONS:

      Rule 575 Disruptive Practices Prohibited (in part)

      A. 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.

      Rule 576 Identification of Globex Terminal Operators

      Each Globex terminal operator shall be identified to the Exchange, in the manner prescribed by the Exchange, and shall be subject to Exchange rules. If user IDs are required to be registered with the Exchange, it is the duty of the clearing member to ensure that registration is current and accurate at all times. Each individual must use a unique user ID to access Globex. In no event may a person enter an order or permit the entry of an order by an individual using a user ID other than he individual’s own unique user ID.

      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 26, 2019, a Panel of the Commodity Exchange (“COMEX”) Probable Cause Committee (“PCC”) charged non-member Igor Shafran Voronkovski (“Igor”) with violating Exchange Rules 575.A., 576, and 432.L.1. based on allegations that on one or more occasions between March 2017 and August 2017, Igor entered orders without the intent to trade in the April 2017 Gold Futures (“APR17 Gold”), May 2017 Copper Futures (“MAY17 Copper”), August 2017 Gold futures (“AUG17 Gold”) and September 2017 Copper futures (“SEP17 Copper”) markets. Specifically, Igor typically entered a larger order, or layered orders, on one side of the market and then cancelled them after receiving a fill on his smaller orders resting on the opposite side of the book. Additionally, Igor entered these orders while using a Tag50 User ID registered to another individual. Further, Igor failed to appear before Exchange staff for a scheduled interview.

      On September 25, 2019 a Hearing Panel Chair of the Commodity Exchange Business Conduct Committee (“BCC”) entered an order finding that Igor failed to answer the charges issued against him. In failing to answer the charges, the Hearing Panel Chair further ordered that Igor was deemed to have admitted the charges issued and waived his right to a hearing on the merits of the charges.

      Pursuant to Exchange Rule 407.C., a penalty hearing was held before a Panel of the BCC (“Panel”) on October 23, 2019. The Panel found Igor guilty of committing the admitted charges.

      PENALTY:

      Based on the record and the Panel’s findings and conclusions, the Panel ordered Igor to pay a fine in the amount of $60,000, and to permanently bar Igor 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.