CME Group has published a notice of disciplinary action as to GFI Securities LLC. The company agrees to pay a fine as a part of a settlement related to violations of several rules of the Exchange.
Pursuant to an offer of settlement that GFI Securities LLC, in which GFI neither admitted nor denied the rule violations upon which the penalty is based, a Panel of the COMEX Business Conduct Committee found that between January 2020, and April 2020, GFI executed numerous block trades for customers in various COMEX Gold futures contracts that GFI failed to report to the Exchange within the required time period following execution, as well as failed to report accurate trade details for these block trades to the Exchange.
The Panel also found that during this time frame GFI failed to diligently supervise the execution of block trades by its employees to make certain that brokers complied with Exchange block trade reporting requirements.
The Panel concluded that GFI violated Exchange Rules 432.W. (General Offenses – Failure to Supervise), 526 (“Block Trades”), 526.F. (“Block Trades”) and Market Regulation Advisory Notice (“MRAN”) RA2002-5 (“Block Trade Submission”).
In accordance with the settlement offer, the Panel ordered GFI to pay a fine to the Exchange in the amount of $75,000.
The disciplinary notice is effective November 19, 2021.
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