NYMEX-13-9413-BC-QUANTRES-ASSET-MANAGEMENT-LTD

NOTICE OF DISCIPLINARY ACTION
- - #
  - NYMEX 13-9413-BC
- - Effective Date
  - 20 March 2014
- FILE NO.:
  NYMEX 13-9413-BC
  MEMBER:
  QUANTRES ASSET MANAGEMENT, LTD.
  
  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 QuantRes Asset Management, Ltd. (“QuantRes”) presented at a hearing on March 18, 2014, in which QuantRes 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 QuantRes because it was a NYMEX member and that on April 24, 2013, QuantRes maintained an open futures equivalent position of 2,178 long May 2013 Henry Hub Natural Gas Futures contracts, which was 1,178 contracts (117.80%) over the standard expiration month limit in effect for trade dates April 24, 25, and 26, 2013.
  The Panel found that as a result, QuantRes violated Rule 562.
  PENALTY:
  In accordance with the settlement offer, the Panel ordered QuantRes to pay a fine to the Exchange in the amount of $35,000.
  EFFECTIVE DATE:
  March 20, 2014

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