• Notice of Disciplinary Action

      • #
      • NYMEX 19-1122-BC-13
      • Effective Date
      • 25 September 2023
    • NON-MEMBER:

      YINGYING PEI

      NYMEX RULES: 539. Prearranged, Pre-Negotiated and Noncompetitive Trades Prohibited (in part)

      539.A. General Prohibition

      No person shall prearrange or pre-negotiate any purchase or sale or noncompetitively execute any transaction.

      432. General Offenses (in part)

      It shall be an offense:

      L. 1. to fail to appear before the Board, Exchange staff or any investigative or hearing committee at a duly convened hearing, scheduled staff interview or in connection with any investigation.

      FINDINGS:

      On July 5, 2022, the Chief Regulatory Officer of CME Group’s Market Regulation Department issued charges against Yingying Pei for violating Rules 539.A. and 432.L.1., based on allegations that during the time period of July 16, 2018, through May 14, 2019, Pei prearranged and noncompetitively executed multiple transactions in the Heating Oil, Palladium, and RBOB futures markets, and failed to appear before Exchange staff for a scheduled interview.

      On September 6, 2023, a Hearing Panel Chair of the NYMEX Business Conduct Committee (“BCC”) first determined that Pei, having failed to submit a written answer to the charges issued against her, was deemed to have admitted the charges. Pei therefore waived her right to a hearing on the merits of the charges. Pursuant to Rule 408.F., a BCC Panel then found Pei guilty of committing the admitted charges and held a penalty hearing thereafter.

      PENALTY:

      Based on the record and the Panel’s findings and conclusions, the Panel ordered Pei to pay a fine in the amount of $75,000, and permanently suspended Pei 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.