Clarksons Platou Futures to pay $60,000 fine for alleged violation of NYMEX rules
International derivatives marketplace CME Group today published a notice of disciplinary action as to Clarksons Platou Futures Limited for alleged violation of NYMEX rules.
Pursuant to an offer of settlement in which Clarksons Platou Futures Limited neither admitted or denied the Rule violations or factual findings upon which the penalty is based, a Panel of the NYMEX Business Conduct Committee (BCC Panel) found that on several occasions between February 1, 2021 to March 31, 2021, Clarksons submitted multiple block trades with inaccurate execution times and also failed to report multiple block trades to the Exchange within the required time period following execution in various Refined and Freight Energy Products.
Clarksons also impermissibly disclosed counterparty information for several block trades.
Finally, Clarksons failed to properly advise and train its brokers as to relevant Exchange rules and Market Regulation Advisory Notices (MRANs) regarding reporting the execution time in a manner sufficient to ensure compliance with the Exchange’s block trade reporting rules.
The Panel found that as a result of the foregoing, Clarksons violated NYMEX Rules 526, 526.F., and 432.W.
In accordance with the settlement offer, the BCC Panel ordered Clarksons to pay a $60,000 fine.