The New York Mercantile Exchange ("NYMEX") charged two traders for block trade submission violations and prearranged transactions, respectively.
The NYMEX BCC Panel imposed penalties on:
- a company $70,000 for (i) reporting inaccurate execution times and (ii) failing to report block trades to NYMEX that were submitted in the Crude Oil and Natural Gas markets, in addition to supervisory failures; and
- a trader $5,000 for prearranging the execution of round-turn transactions in Steel futures contracts, between a trading account established on behalf of his employer and a separate account.
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