• NOTICE OF SUMMARY ACTION

      • #
      • CME-RSRH-33195781
      • Effective Date
      • 12 August 2024

    • FILE NO.:

      CME RSRH-33195891

      MEMBER FIRM:

      BNP Paribas Securities Corporation   

      CME 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)

      The failure to submit timely, accurate and complete block trade reports may subject the party responsible for the reporting obligation to disciplinary action. 

      FINDINGS:

      On multiple occasions between February 2, 2024, and June 28, 2024, BNP Paribas Securities Corporation submitted customer block trades under an account designated for proprietary accounts, thus submitting inaccurate block trade reports to the Exchange.  These block trades were executed in November 2024 and December 2024 AUD/USD Monthly Options, May 2024 and June 2024 CAD/USD Monthly Options, December 2024 CHF/USD Monthly Options, June 2024, October 2024, and November 2024 USD/CNH Monthly Options, August 2024, September 2024, October 2024, and December 2024 EUR/USD Monthly Options, April 2024, July 2024, and March 2025 GBP/USD Monthly Options, August 2024, September 2024, and March 2025 JPY/USD Monthly Options, May 2024, October 2024, December 2024, and June 2025 MXN/USD Monthly Options, and July 2024 and August 2024 EUR/CHF Monthly Options. 

      PENALTY:

      On July 24, 2024, pursuant to Rule 512, a fine in the amount of $7,000 was assessed against BNP Paribas Securities Corporation for its violations of CME Rule 526 and CME Rule 526.F.

      EFFECTIVE DATE:

      August 12, 2024

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