NOTICE OF SUMMARY ACTION

FILE NO.:

NYMEX RSRH-23-6945

MEMBER FIRM:

OTC Europe LLP  

NYMEX RULE VIOLATION:

526.F. BLOCK TRADES

Unless otherwise agreed to by the principal counterparties to the block trade, the seller, or, in the case of a brokered transaction, the broker handling the block trade, must ensure that each block trade is reported to the Exchange within the time period and in the manner specified by the Exchange. The report must include the contract, contract month, price, quantity of the transaction, the respective clearing members, the time of execution, and, for options, strike price, put or call and expiration month. The Exchange shall promptly publish such information separately from the reports of transactions in the regular market.

MRAN RA-2204-5 (in part)

Market participants must accurately report the execution time of the block trade.

FINDINGS:

On five occasions in December 2022, OTC Europe LLP did not report block trades timely or with an accurate execution time to the Exchange. These block trades were executed in July 2023 RBOB Gasoline Futures, and June 2023 NY Harbor ULSD Futures, and July 2023 NY Harbor ULSD Futures.  

PENALTY:

On June 28, 2023, pursuant to Rule 512, a fine in the amount of $1,000 was assessed against OTC Europe LLP for its violations of NYMEX Rule 526 and NYMEX Rule 526.F.

EFFECTIVE DATE:

July 17, 2023