NOTICE OF DISCIPLINARY ACTION

FILE NO.:

NYMEX 10-07965-BC 

NON-MEMBER: 

BlueCrest Capital Management Guernsey LP (acting through its Geneva branch) 

NYMEX RULE VIOLATION:

Rule 562. Position Limit Violations

Any positions in excess of those permitted under the rules of the Exchange shall be deemed position limit violations. 

FINDINGS:

Pursuant to an offer of settlement in which BlueCrest Capital Management Guernsey LP (acting through its Geneva Branch) (“BlueCrest”) neither admitted nor denied the findings and after BlueCrest voluntarily submitted itself to the jurisdiction of the Exchange for purposes of resolving this matter, on June 6, 2011, a Panel of the NYMEX Business Conduct Committee (the “ BCC Panel”) found that on December 16, 2010, a date subject to a 3,000 contract spot month speculative position limit for the January 2011 Crude Oil futures contract, BlueCrest maintained a long Crude Oil position in excess of the applicable spot month position limits. At the start of trading December 16, 2010, BlueCrest was long an aggregate 4,482 January 2011 Crude Oil contracts, 1,482 contracts (49%) over the spot month speculative position limit. BlueCrest exited its entire position in the January 2011 Crude Oil contract by the end of the day on December 16, 2010. 

The BCC Panel found that in so doing, BlueCrest violated NYMEX Rule 562 (“Position Limit Violations”). 

PENALTY:

In accordance with the settlement offer and its findings, the BCC Panel ordered that BlueCrest pay a fine to the Exchange in the amount of $25,000. This decision became final on June 6, 2011 and effective on June 8, 2011. 

EFFECTIVE DATE:

June 8, 2011