NOTICE OF DISCIPLINARY ACTION

FILE NO.:

COMEX 10-07511-BC

MEMBER:

RAFFAELE RUGGIERO (RANT)

NYMEX RULE VIOLATION:

Legacy NYMEX Rule 8.55 – CLASSIFICIATION OF OFFENSES

(B) Minor Offenses – No Member, Member Firm, or any employee of the foregoing shall commit a violation of any of the following rules, which shall be deemed minor offenses of the Exchange.

(2) to engage in conduct inconsistent with just and equitable principles of trade.

FINDINGS:

Pursuant to an offer of settlement in which Raffaele Ruggiero (“Ruggiero”) neither admitted nor denied the rule violations upon which the penalty is based for purposes of resolving this matter, on July 27, 2011, a panel of the COMEX Business Conduct Committee (the “Panel”) found that on October 23, 2008, and December 4, 2008, Ruggiero accepted profiting round-turn transactions into his personal account that were executed noncompetitively by another trader, whereby he profited $2,250.

The Panel found that in so doing, Ruggiero violated Legacy NYMEX Rule 8.55(B)(2).

PENALTY:

In accordance with the settlement offer, the Panel ordered Ruggiero to pay a fine in the amount of $1,000, disgorge $2,250 in profits, and serve a suspension for a period beginning on the effective date of the Panel’s decision and lasting two (2) calendar weeks from the date the fine is paid in full of his 1) membership privileges; 2) access to all CME Group Inc. trading floors; and 3) direct access to all electronic trading and clearing platforms owned or controlled by CME Group, including CME Globex.

 

EFFECTIVE DATE:

August 1, 2011