NOTICE OF SUMMARY ACTION

FILE NO.:

RSRH-23-6945

MEMBER FIRM:

Oil Brokerage Limited   

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 26 occasions in May 2023, Oil Brokerage Limited did not report block trades timely to the Exchange. These block trades were executed in RBOB Gasoline Futures, RBOB Gasoline Financial Futures, European Naphtha (Platts) Crack Spread Futures, Argus Propane Far East Index BALMO Futures, Mont Belvieu LDH Propane (OPIS) Futures, European Propane CIF ARA (Argus) vs. Naphtha Cargoes CIF NWE (Platts) Futures, Mont Belvieu Normal Butane (OPIS) Futures, Singapore FOB Marine Fuel 0.5% (Platts) Futures, European Propane CIF ARA (Argus) Futures, and RBOB Gasoline vs. Euro-bob Oxy NWE Barges (Argus) (350,000 gallons) Futures.    

PENALTY:

On August 9, 2023, pursuant to Rule 512, a fine in the amount of $8,000 was assessed against Oil Brokerage Limited for its violations of NYMEX Rule 526 and NYMEX Rule 526.F.

EFFECTIVE DATE:

August 25, 2023