The international derivatives market CME Group has published a notice of disciplinary measures against Eng Boon Kian.
According to a settlement offer in which Kian neither admitted nor denied violating the rule or the factual findings underlying the penalty, a Chicago Board of Trade (CBOT) Business Conduct Committee panel found that on several occasions since June 10 2022 , through October 16, 2022, Kian engaged in a pattern of trading activity in various Soybean Oil and Soybean futures contracts where he placed a small order on one side of the market before entering a larger order or series of orders on the opposite side of the market. After the smaller order was filled, Kian canceled the large orders.
The commission found that Kian entered the large orders with the intention of canceling before execution. As a result of the activity, Kian realized a benefit of $2,049.
Therefore, the panel concluded that Kian violated CBOT Rule 575.A.
Pursuant to the settlement offer, the commission ordered Kian to pay a fine of $15,000, forfeit earnings of $2,049, and serve a 35-business day suspension from directly accessing any trading venue owned or controlled by CME Group and from directly and indirect access to any designated contract market, derivatives clearing house or swap execution facility owned or controlled by CME Group; The suspension begins on the effective date and continues for 35 working days from the date of payment of the ordered fine and discharge.
The disciplinary notice is effective from 12 April 2024.