NOTICE OF DISCIPLINARY ACTION

NON-MEMBER:

GIANLUCA CEDOLIA

RULE VIOLATION: NYMEX 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 Gianluca Cedolia (“Cedolia”) presented at a hearing on October 21, 2020, in which Cedolia neither admitted nor denied the rule violation upon which the below penalty is based, a Panel of the NYMEX Business Conduct Committee (“BCC Panel”) found that, between January 2019 and June 2019, Cedolia engaged in disruptive trading activity in the Crude Oil Futures contract markets by entering orders without the intent to trade. Specifically, the Panel found that Cedolia 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, Cedolia violated NYMEX Rule 575.A.

PENALTY:

In accordance with the settlement offer, the BCC Panel ordered Cedolia to pay a monetary fine in the amount of $30,000 and to serve a 30 day 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 October 23, 2020 through, and including, November 21, 2020.