CME fines, suspends dealer for violations of COMEX guidelines

Worldwide derivatives market CME Group has posted a discover of disciplinary motion in opposition to Ting Jiang.

Pursuant to a proposal of settlement by which Ting Jiang neither admitted nor denied the rule violations upon which the penalty relies, a Panel of the COMEX Enterprise Conduct Committee discovered that between July 27, 2021, and September 7, 2021, Jiang, the CEO of his buying and selling agency, entered purchase and promote orders in the identical product and expiration month within the Aluminum futures market on behalf of an account owned by his agency with a purpose to check his agency’s buying and selling system to make sure trades have been being correctly allotted.

Jiang knew or fairly ought to have identified that the aim of the orders was to keep away from taking a bona fide market place uncovered to market threat.

The Panel additional discovered that on September 27, 2021, and September 28. 2021, Jiang, together with one other agency worker, prearranged transactions within the Aluminum Futures calendar unfold market between an account owned by the agency and an account owned by one other agency worker, which was opened on the path of Jiang.

The aim of those trades was additionally to check his agency’s buying and selling and allocation system.

The Panel ordered Jiang to pay a tremendous within the quantity of $25,000 and to serve a 90-business-day suspension from direct entry to any buying and selling ground owned or managed by CME Group and from direct and oblique entry to any designated contract market, derivatives clearing group, or swap execution facility owned or managed by CME Group.

The suspension will run from commerce date November 17, 2023, by means of and together with commerce date April 1, 2024.