International derivatives market CME Group has permanently suspended Naufal Sanaullah, according to a settlement offer in which Sanaullah neither admitted nor denied rule violations or factual findings.
A panel of the CME Business Conduct Committee found that from May 4, 2021 to July 22, 2021, Sanaullah entered orders based on non-public order information on one or more occasions in various E-mini Russell 2000 Index and E-mini Nasdaq futures markets .
Specifically, Sanaullah entered orders for his personal account before entering larger forward orders on behalf of his employer, on the same side of the market. The execution of larger forward orders often resulted in beneficial market movements for Sanaullah’s open positions in the quoted futures markets. Sanaullah then liquidated the positions in his personal account, which resulted in a total profit of $13,115.00 in his personal account.
In addition, Sanaullah used his employer’s operator ID to enter the orders on behalf of his employer.
The BCC also found that Sanaullah failed to appear at a scheduled interview of Exchange staff and failed to fully answer all questions or produce all books and records in relation to the investigation.
The BCC panel found that, as a result, Sanaullah violated CME Rules 532, 576, 432.L.1. and 432.L.2.
Pursuant to the settlement offer, BCC ordered Sanaullah to disgorge $13,115.00 in earnings and permanently suspended Sanaullah from accessing any trading venue owned or controlled by CME Group and from direct and indirect access to any designated contract market , derivatives clearing house or exchange execution facility owned or controlled by CME Group.