NOTICE OF SUMMARY ACTION

FILE NO.:

RSRH-19-5668

MEMBER FIRM:

JP Morgan Securities Plc

COMEX 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.

FINDINGS:

On six occasions in October 2019, JP Morgan Securities Plc did not report a block trade within the applicable reporting window to the Exchange. These block trades were executed in January 2020 and March 2020 Copper Options.   

PENALTY:

On December 12, 2019, pursuant to Rule 512, a fine in the amount of $5,000 was assessed against JP Morgan Securities Plc for its violation of COMEX Rule 526 and COMEX Rule 526.F.

EFFECTIVE DATE:

January 15, 2020