International derivatives marketplace CME Group has posted a notice of disciplinary action against Yixing Mingao Metal Material Trading Co., Ltd.

Pursuant to an offer of settlement in which Yixing Mingao Metal Material Trading Co., Ltd. neither admitted nor denied the rule violations or factual findings upon which the penalty is based, a Panel of the Commodity Exchange Business Conduct Committee found that on February 29, 2024, and May 20, 2024, a Yixing employee entered buy and sell orders in the September and December 2024 Copper futures markets that matched opposite each other for accounts with common beneficial ownership.

The Yixing trader entered the opposing orders to transfer positions between accounts wholly owned by Yixing.

Yixing knew or reasonably should have known that the purpose of the orders was to avoid taking a bona fide market position exposed to market risk.

Additionally, the Panel found that Yixing failed to diligently supervise its employees by not properly advising and training them as to Exchange rules pertaining to wash trades in a manner sufficient to ensure compliance with the same.

The Panel concluded that Yixing thereby violated COMEX Rules 534 (the wash trades prohibition) and 432.W.

In accordance with the settlement offer, the Panel ordered Yixing to pay a $25,000 fine.

The effective date of the disciplinary notice is January 29, 2026.