Tullett Prebon (Europe) to pay $150,000 fine for violating NYMEX rules
CME Group has published a notice of disciplinary action against Tullett Prebon (Europe) Ltd.
Pursuant to an offer of settlement in which Tullett Prebon (Europe) Ltd. neither admitted nor denied the rule violations or factual allegations upon which the penalty is based, a Panel of the NYMEX Business Conduct Committee found that between July 2021, and August 2022, TP Europe failed to report numerous block trades in various NYMEX Energy futures contracts to the Exchange within the required time period following execution, as well as failed to report accurate execution times for these block trades to the Exchange.
The Panel also found that during this timeframe, TP Europe failed to diligently supervise the execution of block trades by its employees to enable compliance with Exchange block trade reporting requirements.
The Panel further found that, in a limited number of instances in July 2021, while negotiating a block trade, a broker employed by TP Europe disclosed non-public information to potential counterparties, specifically the identity of potential and actual counterparties.
The Panel found that as a result of the foregoing, TP Europe violated NYMEX Rules 526, 526.F., 432.W., and Market Regulation Advisory Notice RA2103-5.
In accordance with the settlement offer, the Panel ordered TP Europe to pay a fine in the amount of $150,000.