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CFTC U S Commodity Futures Trading Commission : Orders Grain Exporter to Pay a Penalty for Violating Soybeans Futures Speculative Position Limits and for Reporting Violations

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09/15/2018 | 12:58am CEST

September 14, 2018

Washington, DC- The Commodity Futures Trading Commission (CFTC) today issued an Order filing and simultaneously settling charges against Honouround (HK) International Trade Co. Ltd.(Honouround), a company based in Hong Kong, China, for exceeding the single month and all-month speculative position limits for soybeans futures contracts traded on the Chicago Board of Trade (CBOT), and for failing to file Form 204s as required. The Order requires Honouround to pay a $300,000 civil monetary penalty.

According to the CFTC Order, Honouround controlled trading for and held soybeans futures positions in accounts at multiple Futures Commission Merchants (FCMs). The Order finds that for a portion of time between March and August 2017, the Relevant Period, Honouround held soybeans futures positions in accounts at multiple FCMs which, in the aggregate, exceeded the single month and all-months soybeans speculative position limit. The CFTC's speculative position limit for soybeans futures for single month and all months combined is 15,000 contracts.

The CFTC Order further finds that during the Relevant Period, Honouround failed to file CFTC Form 204 reports, to report to the CFTC its fixed price cash positions in soybeans and related products. According to the Order, Honouround failed to file Form 204s as required and did not respond to CFTC emails requesting the forms.

In addition to imposing the $300,000 civil monetary penalty, the CFTC Order requires Honouround to cease and desist from further violations of Section 4a(b)(2) of the Commodity Exchange Act and CFTC Regulations 150.2 and 19.01, as charged.

CFTC staff members responsible for this case are Michael R. Berlowitz, Judith M. Slowly, David Acevedo, Matthew Hunter, Kelly Beck, Janet Briner, Lenel Hickson, Jr., and Manal M. Sultan.

Disclaimer

CFTC - U.S. Commodity Futures Trading Commission published this content on 14 September 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 14 September 2018 22:57:08 UTC

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