NOTICE OF DISCIPLINARY ACTION

FILE NO.:

NYMEX 12-7457-BC 

NON-MEMBER:

GMT CAPITAL CORP.

NYMEX 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 GMT Capital Corp. (“GMT”) presented at a hearing on February 5, 2014, in which GMT neither admitted nor denied the rule violation upon which the penalty is based, a Panel of the NYMEX Business Conduct Committee (“BCC”) found that it had jurisdiction over GMT pursuant to NYMEX Rule 418 and that on December 21, 2012, GMT maintained an open futures equivalent position of 2,555 long January 2013 Henry Hub Natural Gas Futures contracts which was 1,555 contracts (155.50%) over the standard expiration month limit in effect for trade dates December 24, 26, and 27 2012. GMT subsequently liquidated its overage position, resulting in profits of $8,820.00.

The Panel found that as a result, GMT violated Rule 562.

PENALTY:

In accordance with the settlement offer, the Panel ordered GMT to pay a fine to the Exchange in the amount of $40,000 and to disgorge profits in the amount of $8,820.

EFFECTIVE DATE:

February 7, 2014