The Commodity Futures Trading Commission (CFTC) today issued an order filing and simultaneously settling charges against Australian-based company Challenger Life Company Limited for exceeding both the federal and exchange spot month speculative position limits for Platinum futures contracts traded on the New York Mercantile Exchange (NYMEX). The order requires Challenger Life to pay a $150,000 civil monetary penalty.

The spot month for the April 2022 NYMEX Platinum futures contract was from March 30, 2022 through April 27, 2022.

The order finds that as of the close of business on March 30, 2022, Challenger Life held a net long futures position of 874 contracts in the NYMEX April 2022 Platinum futures contract. This position exceeded the federal spot month speculative position limit of 500 contracts.

The order also finds that as of March 31, 2022 and May 9, 2022, Challenger Life exceeded the exchange’s 500-contract delivery limit for the April 2022 and May 2022 Platinum futures contracts, respectively.

In addition to imposing a penalty, the order requires Challenger Life to cease and desist from further violations of Sections 4a(b)(2) and (e) of the Commodity Exchange Act and CFTC Regulation 150.2, as charged.