Case Summary

ING BANK NV NYME 13-9462-BC ING BANK NV NFA ID: 0268266

 Respondent/Effective Date Summary 
 NFA IDRespondentEffective Date
 0268266ING BANK NV05/01/2014
 Rule Summary 
 NFA IDRespondentRule Type
 0268266ING BANK NV• 538.H - Exchange for Related Positions - Documentation
 Committee Summary 
 NFA IDRespondentCommittee
 0268266ING BANK NV• BUSINESS CONDUCT COMMITTEE
 Action Summary 
 NFA IDRespondentAction Types
 0268266ING BANK NV• TRADE PRACTICE
 Penalty/Event Summary 
 NFA IDRespondentPenalty/EventEvent Date
 0268266ING BANK NV• FINE PAID $2500005/06/2014
 Narrative Summary 
Narrative for 0268266 - ING BANK NV
Pursuant to an offer of settlement ING Bank NV (“ING”) presented at a hearing on April 29, 2014, in which ING neither admitted nor denied the rule violations upon which the penalty is based, a Panel of the NYMEX Business Conduct Committee (“Panel”) found it has jurisdiction over ING pursuant to NYMEX Rules 400 and 418 and that on two trade dates, May 28, 2013 and October 28, 2013, ING entered into EFRP transactions which did not contain documentation of the related swap transaction and, therefore, were not bona fide EFRP transactions. ING also served as the broker for these transactions.

The Panel found that as a result, ING violated Rule 538.H.

In accordance with the settlement offer, the Panel ordered ING to pay a fine to the Exchange in the amount of $25,000.

This action became final on April 29, 2014 and effective May 1, 2014.