Skip Navigation Links

Case Summary

CITIGROUP GLOBAL MARKETS INC NYME 12-9147-BC CITIGROUP GLOBAL MKTS INC NFA ID: 0002026

Respondent/Effective Date Summary
 NFA IDRespondentEffective Date
 0002026CITIGROUP GLOBAL MARKETS INC05/30/2014
Rule Summary
 NFA IDRespondentRule Type
 0002026CITIGROUP GLOBAL MARKETS INC• 561 - REPORTS OF LARGE POSITIONS
  • Rule 854 - Concurrent Long and Short Positions
  • Rule 811 - Position Change Data
Committee Summary
 NFA IDRespondentCommittee
 0002026CITIGROUP GLOBAL MARKETS INC• BUSINESS CONDUCT COMMITTEE
Action Summary
 NFA IDRespondentAction Types
 0002026CITIGROUP GLOBAL MARKETS INC• TRADE PRACTICE
Penalty/Event Summary
 NFA IDRespondentPenalty/EventEvent Date
 0002026CITIGROUP GLOBAL MARKETS INC• FINE PAID $4750006/05/2014
Narrative Summary
Narrative for 0002026 - CITIGROUP GLOBAL MARKETS INC
Pursuant to an offer of settlement Citigroup Global Markets, Inc. (“Citigroup” or the “Firm”) presented at a hearing on May 28, 2014, in which Citigroup neither admitted nor denied the rule violation upon which the penalty is based, a Panel of the NYMEX Business Conduct Committee (“BCC”) found that it had jurisdiction over Citigroup pursuant to Exchange Rules 400 and 402 as the conduct occurred while Citigroup was a NYMEX member, and that on trade date November 15, 2012, Citigroup reported several instances of inaccurate large trader positions for numerous NYMEX contracts, in which it provided a corrected large trader file after the adjustment deadline of 9:00 a.m. CST. In addition, for trade date November 15, 2012, Citigroup reported 50 instances of inaccurate open interest position and overstated open interest in the physically settled December 2012 Crude Oil (“DEC12 Crude Oil”) futures contract by 1,864 contracts, or 7.3%.

The Panel found that, as a result, Citigroup violated NYMEX Rules 811 (Position Change Data), 561 (Reports of Large Positions) and 854 (Concurrent Long and Short Positions).

In accordance with the settlement offer, the Panel ordered Citigroup Global Markets, Inc. to pay a fine to the Exchange in the amount of $47,500.

This action became final on May 28, 2014 and effective May 30, 2014.

Please see companion cases COMEX 12-9147-BC, CBOT 12-9146-BC, and CME 12-9146-BC.

 
 
NFA is the premier independent provider of efficient and innovative regulatory programs that safeguard the integrity of the derivatives markets.