CME fines Macquarie Futures for alleged violations of NYMEX rules
International derivatives marketplace CME Group has published a notice of disciplinary action against Macquarie Futures USA LLC.
Pursuant to an offer of settlement in which Macquarie Futures USA LLC neither admitted nor denied the rule violations or factual findings upon which the penalty is based, a Panel of the NYMEX Business Conduct Committee found that on November 28, 2022, Macquarie carried a long contract position for its customer in December 2022 Henry Hub Natural Gas futures through expiration and failed to assess its customer’s ability to take delivery and to ensure that the open positions in the physically delivered contract were liquidated in an orderly manner prior to the expiration of trading.
Additionally, the Panel found that when Macquarie transferred the positions to another participant capable of taking delivery, it failed to include the proper indicator such that the transactions cleared as transfers.
The Panel concluded that Macquarie thereby violated NYMEX Rules 716 and 853.A.6.
In accordance with the settlement offer, the Panel ordered Macquarie to pay a $20,000 fine.