EXCHANGE 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.
On September 29, 2020, the CME Group Chief Regulatory Officer (“CRO”) charged Yridian Limited (“Yridian”) with violating Exchange Rule 432.L.1. based on allegations that Yridian refused to attend a scheduled interview with Exchange staff during the investigation of this matter.
On February 4, 2021 a Hearing Panel Chair of the NYMEX Business Conduct Committee (“BCC”) entered an order finding that Yridian failed to answer the charges against him. The Hearing Panel Chair further ordered that Yridian was deemed to have admitted the charges issued and waived his right to a hearing on the merits of the charges. A penalty hearing was then held before a panel of the NYMEX BCC (“BCC Panel”) which found that Yridian had committed the violation charged.
In accordance with Exchange Rule 402.B (Sanctions), the BCC Panel ordered Yridian to serve a permanent ban 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.