• NOTICE OF DISCIPLINARY ACTION

      • #
      • NYMEX 19-1114-BC
      • Effective Date
      • 10 November 2020
    • NON-MEMBER:

      SUNG JOONG JOO

      NYMEX RULE VIOLATION: EXCHANGE RULE 575.A. DISRUPTIVE PRACTICES PROHIBITED

      No person shall enter or cause to be entered an order with the intent, at the time of order entry, to cancel the order before execution or to modify the order to avoid execution.

      FINDINGS:

      On July 14, 2020, the CME Group Chief Regulatory Officer (“CRO”) charged Sung Joong Joo (“Joo”) with violating NYMEX Rule 575.A. based on allegations that between April 15, 2019 and April 18, 2019 Joo entered orders into the July 2019 Platinum Futures markets with the intent, at the time of order entry, to cancel the order before execution.

      On October 21, 2020, a Hearing Panel Chair of the NYMEX Business Conduct Committee (“BCC”) entered an order finding that Joo failed to answer the charge against him. The Hearing Panel Chair further ordered that Joo was deemed to have admitted the charge issued and waived his right to a hearing on the merits of the charge. A penalty hearing was then held before a panel of the NYMEX BCC (“BCC Panel”) which found that Joo had committed the violation charged.

      PENALTY:

      In accordance with NYMEX Rule 402.B (Sanctions), the BCC Panel ordered Joo to pay a monetary fine in the amount of $60,000, disgorge profits in the amount of $4,527.38 and to serve a 20 business day trading suspension from access to any trading floor owned or controlled by CME Group and from direct and indirect access to any designated contract market, derivatives clearing organization or swap execution facility owned or controlled by CME Group.