• NOTICE OF DISCIPLINARY ACTION

      • #
      • COMEX 17-0810-BC
      • Effective Date
      • 16 December 2019
    • NON-MEMBER:

      JITENDER SHARMA

      EXCHANGE RULE:

      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 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 Jitender Sharma (“Sharma”) presented at a hearing on December 12, 2019, in which Sharma neither admitted nor denied the rule violation upon which the penalty is based, a Panel of the COMEX Business Conduct Committee (“BCC Panel”) found that on one or more occasions from calendar dates October 12, 2017 through October 19, 2017, Sharma entered orders with the intent, at the time of entry, to cancel the orders before execution. Specifically, Sharma placed and cancelled multiple layered orders while obtaining fills on orders entered on the opposite side of the market in the December 2017 Copper futures market.

      The Panel found that as a result of the foregoing, Sharma violated Rule 575.A.

      PENALTY:

      In accordance with the settlement offer and taking his financial condition into consideration, the Panel ordered Sharma to be permanently barred 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.