International derivatives marketplace CME Group has posted a notice of disciplinary action against Ali Abbassi.
Pursuant to an offer of settlement in which Ali Abbassi neither admitted nor denied the rule violations or factual findings upon which the penalty is based, a Panel of the NYMEX Business Conduct Committee found that on April 25, 2023, and May 3, 2023, Abbassi entered orders in various Henry Hub Natural Gas Financial Calendar Spread Option markets with the intent, at the time of order entry, to cancel those orders before execution and to mislead another market participant.
Specifically, the Panel found that on both dates, while negotiating a block trade through a broker, Abbassi contemporaneously entered non-bona fide orders at improved prices on Globex in order to receive a better price on the block trade. Once the counterparty to the block trade improved its price closer to the price that Abbassi had previously entered…
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