CME Group fines, suspends prop firm trader for violating disruptive practices prohibition
International derivatives marketplace CME Group has published a notice of disciplinary action against Manish Kumar, a proprietary firm trader located in the United Arab Emirates.
On April 14, 2026, the Chief Regulatory Officer of CME Group’s Market Regulation Department issued charges against Manish Kumar, a proprietary firm trader located in the United Arab Emirates, for violating NYMEX Rules 575.A., and 575.B. based on allegations that from July 25, 2024, through August 28, 2024, Kumar entered orders in the September 2024, October 2024, and
December 2024 Natural Gas, and October 2024 Crude Oil futures markets with the intent, at the time of order entry, to cancel those orders before execution or to modify the orders to avoid execution, and with the intent to mislead other market participants.
Specifically, Kumar repeated a pattern in which he entered several layered one-lot orders on the bid (offer) and subsequently entered a one-lot order on the offer (bid). Once the singular small order traded on the opposite side of the market, Kumar canceled the layered orders.
On September 30, 2026, a Hearing Panel Chair of the NYMEX Business Conduct Committee (“BCC”) first determined that Kumar, having failed to submit a written answer to the charges issued against him, was deemed to have admitted the charges. Kumar therefore waived his right to a hearing on the merits of the charges.
Pursuant to NYMEX Rule 408.F., a BCC Panel then found Kumar guilty of committing the admitted charges and held a penalty hearing thereafter.
Based on the record and the Panel’s findings and conclusions, the Panel ordered Kumar to pay a fine in the amount of $50,000 to and serve a five-year suspension from access to any trading floor owned or controlled by CME Group and from direct and indirect access to any designated contract market, derivatives clearing organization or swap execution facility owned or controlled by CME Group.
The suspension will begin on the effective date of the BCC’s decision and continue for five years from the date that the fine is paid in full.
The effective date is October 21, 2026.
