NOTICE OF DISCIPLINARY ACTION

NON-MEMBER:

EC (PROPRIETARY TRADERS) PTE, LTD.

RULE VIOLATION: CME RULE 432. GENERAL OFFENSES (in part)

It shall be an offense:

W. for any party to fail to diligently supervise its employees and agents in the conduct of their business relating to the Exchange.

FINDINGS:

On April 7, 2020, the CME Group Chief Regulatory Officer (“CRO”) charged EC (Proprietary Traders) Pte, Ltd. (“EC Prop”) with violating CME Rule 432.W. based on allegations that EC Prop failed to diligently supervise its traders, in the conduct of their business related to the Exchange, specifically their disruptive trading activity in the Euro, British Pound and Japanese Yen futures markets from February 7, 2018 to June 25, 2018.

On September 23, 2020, a Hearing Panel Chair of the CME Business Conduct Committee (“BCC”) first determined that EC Prop, having failed to submit a written answer to the charge issued against it, was deemed to have admitted the charge. EC Prop, therefore, waived its right to a hearing on the merits of the charge. Pursuant to CME Rule 408.F., a BCC Panel then found EC Prop guilty of committing the admitted charge and held a penalty hearing thereafter.

PENALTY:

Based on the record and the Panel’s findings and conclusions, the Panel ordered EC Prop to pay a fine in the amount of $100,000 and serve a five year 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.