NOTICE OF DISCIPLINARY ACTION

NON-MEMBER:

EDWARD POIRIER

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 Edward Poirier (“Poirier”) presented at a hearing on June 18, 2020, in which Poirier 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 during the time period of March 2018 through July 2018, Poirier entered and cancelled multiple orders in the Gold and Silver futures markets with the intent, at the time of entry, to cancel the orders before execution. Specifically, Poirier placed and cancelled multiple layered orders while obtaining fills on orders entered on the opposite side of the market.

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

PENALTY:

In accordance with the settlement offer, the Panel ordered Poirier to: 1) pay a $35,000 fine in connection with this case and companion case NYMEX 18-0985-BC ($15,000 allocated to COMEX); and 2) serve a ten (10) business day 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 June 22, 2020 through July 6, 2020, inclusive.